A near-£1 million investment will help University of Dundee spinout company Ten Bio Ltd to commercialise the human skin culture system it developed to provide a viable alternative for many experiments currently performed on animals.
Led by TRICAPITAL LTD and with matched funding from Scottish Enterprise, the investment of £911,000 will enable the company to progress its mission to transform the testing of new pharmaceutical and cosmetic products. Initial launch of the company’s brand will be in the US, where the majority of potential customers are based.
Moray Martin, CEO of TRICAP, said, “TRICAP is delighted to be supporting the excellent Ten Bio team as they transition from the laboratory into the commercial world. Ten Bio’s in vitro science and technology offers a reliable and credible alternative to some usage of animal testing and thus a more accurate testing of products en route to market for both pharma/biotech and cosmetic companies. This is an innovative company with an exciting commercial future that we are honoured to be sharing with them.”
Ten Bio is headquartered in Dundee and is opening a laboratory in Kannapolis, North Carolina from where it will serve its US-based customers. The investment will enable Ten Bio to continue the roll-out of its service business and to develop further product offerings.