AssayMetrics’ second investment round to commercialise drug
discovery technology
09/08/2011
A company whose revolutionary new product speeds up drug
development has secured an undisclosed second-round equity
investment from Finance Wales.
AssayMetrics Ltd launched the new product, a laser-based
fluorescence plate reader used in drug screening in early 2011 and
it has already attracted significant interest from a number of
global pharmaceutical companies and other high-profile
customers.
The Cardiff-based company’s high-throughput plate reader is of
particular interest to pharmaceutical companies and research groups
because it enables the rapid screening of new drugs.
AssayMetrics now plans to use Finance Wales’ investment to fund
an international sales and marketing campaign.
“We successfully launched our new laser-based plate reader in
2011 and expect its sales to increase demand for our PURETIME®
fluorescent dyes,” explained founder and CEO, Dr Pierre
Graves. “We’ve also tripled the size of our Cardiff
production facilities to meet the increased demand.”
Founded in 2004 by prize-winning flourescence expert Dr Pierre
Graves, AssayMetrics targets the growing drug discovery market and
launched its first chemical dyes in 2006. It subsequently
capitalised on a move away from radioactive dyes to launch its
novel PURETIME® fluorescent dyes before developing its plate
reader.
Welcoming Finance Wales’ investment, Dr Graves said: “Finance
Wales’ latest investment will support our first-year sales drive
into the UK, Europe and the US and we’re planning to appoint our
first sales director. It will also enable us to enhance the
service we provide our customers.”
This latest equity investment is the second investment round
AssayMetrics has received from Finance Wales since 2009.
Dr Richard Thompson, Early Stage Investments Manager at Finance
Wales said:
“AssayMetrics is focused on finding ways to develop drugs ‘faster,
better and cheaper’ and the new plate reader is another example of
this strategy in action. A number of high-profile clients
have already evaluated the product enabling AssayMetrics to build
up a strong sales pipeline. We wish the team at AssayMetrics
well as they commercialise their plate reader successfully and
secure a strong international market position.”
For more information, please contact:
Helen Walker-Smith
Tel: 029 2033 8149
E-mail: helen.walker-smith@financewales,co.uk