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Xceleron announce £2 million investment

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Close Venture Management led the round with a £1.5 million investment and Foursome Investments joined Close with a further £0.5 million. The new funding will be used to provide working capital and to finance a significant growth phase in Xceleron's development.

Xceleron, a spin out from the University of York, is the world's foremost company using the nanotechnology of accelerator mass spectrometry (AMS) in drug development. The technologies developed by Xceleron are aimed at speeding up drug development by reducing attrition rates, especially through its innovative microdosing procedures recently endorsed by the FDA and the EMEA.

Established in 1997, Xceleron has now proven the efficacy of its technologies and developed its markets. Additionally, regulators have recently endorsed Xceleron's approach. In order to capitalise on the significant commercial opportunities available, the investment will be used to upgrade Xceleron's AMS machine, increase the efficiency of its laboratory processes and fund the expansion of its sales activities.

Ed Lascelles of Close Venture Management said, "There is significant pressure within the pharmaceutical industry to improve and accelerate drug development, as evidenced by the FDA's Critical Path white paper of last year. Xceleron's novel approach to drug development is one way to do just this. We are delighted to have the opportunity to support a high quality management team in a niche industry with such potential."

Colin Garner, CEO of Xceleron, commented, "Not only will the funding provided by Close enable Xceleron to expand its operations significantly, but their expertise in assisting companies to manage critical phases in their development will also prove invaluable. I am very excited about the future for Xceleron and, working together with Close and Foursome, we aim to reinforce our position as the leading provider of AMS services to the pharmaceutical and biotechnology industries worldwide."

Graham Gilbert, financial director of the University of York, said, "This funding is an important step for the company and also marks a key moment in the University's drive to use its research power to support innovation and economic growth. We are delighted to have Close and Foursome alongside us in this venture and hope to see more of such collaborations in the future."

Close Venture Management

CVM is one of the most successful and longest established Venture Capital Trust (VCT) managers. It was formed in 1996 and currently manages a portfolio of five VCTs, which have to date raised a total of £160 million from private investors.

In addition, CVM advises the Healthcare & Leisure Property Fund, an Isle of Man-based open-ended investment company participating in asset-based investments made by its VCTs as well as acting as investment manager to Bamboo Investments plc, an investment company specialising in early stage, high growth businesses, principally in the technology sector.

Close Venture Management is one of the largest VCT managers with 8% of the market and concentrates its investment strategy on lower investment risk and higher dividend yield. Close Brothers was voted VCT Group of the Year in the Growth Company Awards 2003 and Best VCT Provider at the Professional Adviser Awards 2005. This investment was made across three of Close's funds including Close's Income & Growth VCT, which recently completed its £45 million fundraising.

Foursome Investments

Foursome Investments Ltd is an experienced, privately backed venture capital firm established in 1998. Foursome advises its investors on early stage and development capital opportunities in cleantech and health sector enabling technologies.

University of York

The University of York is ranked 6th in the UK for research quality and is the UK's most research-efficient university.

The University of York has spun out 17 new companies in recent years and is part of the Science City York partnership which has generated over 9,000 jobs since 1997. The University makes a significant contribution to the priority regional clusters of digital, chemical and bioscience industries.

As part of its proposed expansion, the University plans to provide more 'incubator' space for start-up companies, particularly those which spin-out from academic departments. York was designated a Science City by the Chancellor of the Exchequer in December 2004.

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