Lab901
Rising Scottish technology company, Lab901 has shipped the first of its pioneering ScreenTape systems, only days after receiving a crucial £1 million in third-round equity funding, led by Archangel Informal Investments. The first ScreenTape system has been delivered to the Scottish Centre for Genomic Technology and Informatics (SCGTI) at the University of Edinburgh. This significant milestone and latest cash injection will act as a catalyst for the full commercialisation of ScreenTape, which begins a programme of live evaluations in labs across the UK – including an existing co-development project with pharmaceutical giant, GlaxoSmithKline – and has led to an expansion of Lab901’s team and facilities. It also marks the beginning of a step-change in analytical testing for the multi-billion pound global life-sciences market, as processing times are slashed and labour-intensive scientific instruments are shrunk into a box the size of a desktop printer.
The ScreenTape system comprises a consumable plastic strip, onto which several liquid samples may be loaded simultaneously, together with a self-contained testing and analysis instrument. Reactions occurring on the tape are captured within the instrument and analysed by specialised software, enabling rapid and automated analysis of minute volumes of samples, such as DNA.
John Beattie, COO at SCGTI, said: “We are impressed by the results of the initial trials. ScreenTape reduces the time it takes us to perform key analysis of DNA and RNA molecules from hours to minutes. The automated system means that our scientists are freed up to get on with the more thoughtful and valuable aspects of their research. ScreenTape represents a really exciting development for us.”
Joel Fearnley, CEO of Lab901, said: “After three years of perfecting the science and engineering behind ScreenTape, it is extremely gratifying to receive this vote of confidence from our financial backers and, more importantly, our first customer. Lab901’s multidisciplinary approach incorporates in-house biochemists and polymer experts with mechanical, electrical and software engineers who, together, have created an innovative product with a huge market opportunity. Our priority now is to use the momentum of this ongoing development to drive commercial success and achieve our revenue target of £20 million within four years.”
Key to this strategy is the appointment of Graham Miller as non-executive director for business development, along with plans to develop a highly specialised and experienced sales and marketing team. Miller, previously a vice-president of business development at Smith’s Detection, is a seasoned dealmaker who will be instrumental in Lab901’s current advanced discussions with potential international route-to-market partners.
The latest £1 million tranche of funding was led by long-time backers Archangel Informal Investments, joined by the Scottish Enterprise Co-Investment Fund, Ashleybank and Tri Capital.
Peter Shakeshaft, CEO of Archangel Informal Investments, added: “Lab901 has proven time and time again its ability not only to innovate, but also to meet ambitious commercial goals, including doubling the size of its team and premises and, now, winning its first customer. With the appointment of Graham Miller and the escalation of its sales and marketing activities, Lab901 is well positioned for the next phase of its business plan.”
END
Distributed by The Communications Business on behalf of Lab901.
For further information: Richard Croasdale or Denise Hannestad, The Communications Business, 08702 42 43 44
About Lab901
ScreenTape speeds up laboratory testing by using minute samples (less than 1mm3) in a “microfluidic” plastic tape device. The credit card sized device is placed in an instrument no bigger than a desktop printer, which automatically processes multiple samples and sends an image of the resulting reaction to a standard PC for further software analysis. The initial application for ScreenTape is DNA analysis, which is used to size fragments of DNA, a technique widely used in biomedical research and drug discovery.
Lab901, which comprises an experienced team of engineers and scientists from industry and academia, was formed to focus on the challenge of increased analytical testing within the laboratory environment and, in particular, to improve overall laboratory productivity using the techniques of miniaturisation, automation and integration. Additional skilled engineers and scientists have joined the core team which now boasts combined expertise in microbiology, chemistry, mechanical engineering, electronics, product development, robotics, plastics technology, semiconductor fabrication, technical sales and marketing. This multi-disciplined approach to product development is relatively new within the life sciences sector.
The Lab901 team is equipped with state-of-the-art design tools consistent with leading-edge product development. In particular, tools for full three-dimensional CAD modelling, rapid prototyping machinery, metrology and electronic test equipment and a fully equipped on-site laboratory. Lab901 has forged links with the local university network to promote industrial and academic research and development collaborations in the field of bio-engineering.