Based in Sedgefield, County Durham, the company specialises in analytical hardware, laboratory testing and bioreactors based in intellectual property. It also commercialises intellectual property from Sunderland University, which holds a 25 per cent stake in the company.

See also: University spinouts raise £11bn of equity investment over past decade

Chief scientific officer Frederick Rowell owns a 31.4 per cent stake, comprising some 7 million shares, while chief executive Joseph Arend holds an 18.8 per cent stake in the company.

The company’s latest financial figures show sales worth £31,600 and a loss of £329,300. Arend expects Analytical to move from focusing on research and development to a more commercial approach as this year goes on.

Analytical secured some £430,000 of private equity funding, £635,000 in government grants and asset financing worth £650,000 for year-end October 2006.

Alfred Henry Corporate Finance is corporate adviser to Analytical. Its market maker is Winterflood Securities.