Biotechnology company AssayMetrics has secured an equity investment from Finance Wales to commercialise its flagship product.
Biotechnology company AssayMetrics has secured an equity investment from Finance Wales.
Established in 2004 by the company’s managing director, Dr Pierre Graves, AssayMetrics produces chemical dyes for screening compounds, used in the biotechnology and pharmaceutical industries.
The current investment, details of which are undisclosed, will help AssayMetrics commercialise its plate reader, which is used to analyse large numbers of laboratory samples simultaneously. The Cardiff-based business has also received investment from a syndicate of business angels.
Finance Wales is a subsidiary of the Welsh assembly government, and manages funds of more than £280 million for investment in Wales-based businesses.
Pierre Graves, CEO of Assaymetrics, says: ‘The drug discovery market continues to grow despite the recession and we are delighted to be able to place a technology in the hands of customers that will make the process faster and more efficient.’
Jocelyn Brown, associate at Finance Wales, says that AssayMetrics is ‘already attracting significant interest from leading names in the pharmaceutical industry to participate in [its] beta test program’.