Funding for Glasgow research
Angel group invests in stem cell firm Sistemic
LONDON & Scottish Investment Partners (LSIP), the group set up by business angel Scott Carnegie, has joined existing investors to pump $1 million (£660,000) into Glasgow-based life sciences company Sistemic.
Current investors ChimaeraBio and the Scottish Investment Bank also took part in the funding round, which will allow the company to expand the development of its products for stem cell research and quality control.
Sistemic was launched by chief executive Jim Reid, the man behind the 2007 sale of Aberdeen University spin out Haptogen to global drugs giant Wyeth, which remains one of Scotland’s largest life science deals to date. He also owns ChimaeraBio, one of Sistemic’s backers.
Mr Reid said: “The continued support from our investors is important and this new funding will allow the company to complete a range of products that will make a major contribution to the exciting field of stem cell research.”
Mr Carnegie added: “The whole purpose of London & Scottish is to help accelerate company growth, and bring forward the day that entrepreneurial wealth can be released from such businesses.
“The potential extra growth generated and earlier exit prospects created within Sistemic, as a direct result of this investment, matched our two key criteria.”
News of the investment came as Sistemic also signed a deal with Edinburgh-based Roslin Cells to analyse stem cell samples from seven European research centres.
Aidan Courtney, chief executive at Roslin Cells, which was spun out from the Roslin Institute in 2006, said that the cell samples “will be used in research to understand better the causes of diseases such as Parkinson’s, Alzheimer’s and diabetes”.
The work is part of the Innovative Medicines Initiative Programme to establish the European Bank for Induced Pluripotent Stem Cells (EBiSC), which is being co-ordinated by drugs giant Pfizer and managed by Roslin Cells.