Biotech firm Xceleron has received funding from of £1.5m Close Ventures and £500,000 from Foursome Investments.
Close previously invested £2m into the York-based company bringing the total investment into the former university spin-out to £4m since 2005.
Since it foundation, Xceleron has doubled its staff and has sales by 170% and has established a strong presence in the US.
The funding will be used to further increase the rate of expansion, hire additional staff and enhance operations in the U.S, according to Close Ventures.
Ed Lascelles, investment manager at Close Ventures, said: “We have been impressed by the progress of Xceleron since we invested.
“The company has grown substantially over the past 18 months, has developed its markets and has been led by a first class management team.”
Xceleron has pioneered a technique called ‘microdosing’ which can be used to test drugs before full clinical trials on humans are performed.
The process can reduce time and costs in drug development through early prediction of which drugs will eventually fail, the company say.
© Crimson Business Ltd. 2006
