MBM Commercial recently acted for Ten Bio, a pioneering biotech company, in its recent fundraising. The near-£1 million investment will help the University of Dundee spinout commercialise its proprietary human skin culture system developed to provide a viable alternative for many experiments currently performed in animals and progress its mission to transform the testing of new pharmaceutical and cosmetic products.
Funding was led by TRICAPITAL LTD, with matched funding from Scottish Enterprise.
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.
Pharmaceutical and cosmetics companies test their products rigorously before they are administered to humans. There is an unmet need for technologies that will generate reliable safety and efficacy data on their effects on human skin. Ten Bio’s TenSkinTM system provides companies with a reliable, tunable skin testing model.
Ten Bio was one of the winners of last year’s Scottish EDGE competition, and was runner-up in the Converge Challenge category of Converge 2020, the company creation programme designed for staff, students and graduates of universities in Scotland.
Ken Fyvie, Chairman, Ten Bio said: “The Ten Bio team has been delighted by the support provided to it by MBM Commercial through its spin out from the University of Dundee and the subsequent fund raising. That support has been characterised by a high level of expertise in the management of the processes and in a clear understanding of the priorities for the company and now also its investors.Time was short as we pushed through the fund raising so the sure footedness of Alex [Lamley] and Rachel [Salmond] in their guidance on priorities and delivery targets was invaluable. We will continue to rely on the services of MBM Commercial and its excellent team of lawyers.”
Alexander Lamley, Director at MBM noted: “Rachel [Salmond] and I were delighted to work with such a dynamic and hardworking team who have demonstrated a great appeal in the Ten Bio technology by securing such an investment so soon after spin-out. We look forward to continuing our support of Ten Bio going forwards in both the UK and in the US.”