CN Bio raises $21 million in Series B investment round

""

Organ-on-a-chip (OOC) company CN Bio has raised a $21 million investment in the first close of its Series B fundraising round.

The funding has been secured from several new investors; including $10 million from Bayland Capital, and $5.5 million from founding shareholder, CN Innovations Holdings Ltd.

The investment will be used to accelerate the company’s expanding product portfolio and to scale the business to support commercial expansion across key global markets.

The global OOC market’s CAGR is estimated at 30.94% by analysts Mordor Intelligence. This growth has been accelerated, in part, by the need for biopharmaceutical companies to improve the efficiency and success rate of R&D and recent legislative changes, such as the US FDA Modernization Act 2.0.

Over the past year, CN Bio has expanded its leadership team in the UK and US, launched new products, and agreed strategic industry collaborations. In December 2023, it was confirmed that PhysioMimix OOC and its associated NASH ‘in-a-box’ kit provided critical human-relevant compound efficacy data for Inipharm’s INI-822.

Dr Paul Brooks, CEO, CN Bio, said: “We are seeing pivotal growth across our industry, whereby drug developers are increasingly recognising the potential of OOC technology to augment, supplement and optimise their workflows. We have strategically positioned ourselves accordingly to respond to the market needs and are proud to have received recognition from our major shareholder, CN Innovations, and new institutional investors such as Bayland Capital, to drive this vision forward.”

Diana Spencer, Senior Digital Content Editor, DDW

Related Articles

Join FREE today and become a member
of Drug Discovery World

Membership includes:

  • Full access to the website including free and gated premium content in news, articles, business, regulatory, cancer research, intelligence and more.
  • Unlimited App access: current and archived digital issues of DDW magazine with search functionality, special in App only content and links to the latest industry news and information.
  • Weekly e-newsletter, a round-up of the most interesting and pertinent industry news and developments.
  • Whitepapers, eBooks and information from trusted third parties.
Join For Free