Gentronix, a UK-based contract research organisation (CRO) working in the field of genetic toxicology, has raised £700,000 in a funding round led by existing investor Mercia to support its continued growth.
The latest round, which includes a number of private investors, follows Gentronix’s recent acquisition of the Big Blue transgenic mutation assay from Merck KGaA. It will be used to fund the onboarding and delivery of the new service and expand the company’s genetic, skin and ocular toxicology services.
The Big Blue assay is reportedly one of only three tests in the world used for the final assessment of potential mutagenicity – the risk that a substance could cause genetic mutations that could be damaging to human health and the environment. Access to contract research services for this type of assay is growing in importance, as there is an increased regulatory focus on the assessment of impurities for genotoxic potential within pharmaceutical space and the relevance such entities have to human health. The Big Blue assay considers itself a key tool in determining the risk associated with such material.
With the successful onboarding of the assay and establishment of laboratory proficiency, Gentronix intends to deliver increased market capacity for these critical studies. Gentronix has increased its revenues by 15% in each of the previous two years. The acquisition, together with its plans to develop new service lines and increase capacity in its core offerings, puts the company on course to double its revenues and create 20 new jobs within the next two years.
Matt Tate, Gentronix Managing Director, said: “This further investment provides a fantastic platform for Gentronix to commercialise the Big Blue technology, building on our strong reputation for high quality contract research and establishing our business as a world leading CRO in the delivery of mutagenicity safety assessments. The Big Blue service is incredibly important for the continued development of safer chemicals and medicines, and we are excited to strengthen our collaborations with clients across the pharmaceutical and chemical industries by providing this. In addition, our expanded capabilities in skin and ocular toxicology services will drive business growth in new markets, allowing us to build on the growth we’ve achieved during the pandemic and creating more high-quality jobs at our facilities in Alderley Park.”