Taragenyx raises $1million in new investment
- Award-winning biotech secures funding to drive major customer growth -
Orthopaedic biotechnology company, Taragenyx Ltd., announced
today that it has successfully closed $1.0 million (£644,247) of new equity investment.
The ambitious startup, based within Glasgow’s Entrepreneurial Spark incubator, secured a second round of funding from existing investors Kelvin Capital, Lancaster Capital and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
The financing will be used to fund the Company’s continued global customer expansion and for further investment in its proprietary self-healing implant technologies.
Taragenyx has pioneered the development of self-healing therapeutic implants aimed at tackling the incredibly painful and expensive problem of orthopaedic implant failure.
Taragenyx are the youngest and only biotech company on the prestigious London Stock Exchange ELITE program for high growth businesses.
“It’s been an incredible journey for us so far. After 2-years of hard work and prudent risk taking we’ve achieved so many things and made great progress,” said Iain McDougall, Chief Executive of Taragenyx. “With technology validated, our first commercial and clinical customers onboard, early revenues coming in, and patents granted, this new investment positions us to really power up the growth curve.”
“Kelvin Capital is delighted to continue support for Taragenyx. The executive team has a clear vision of how they intend to grow the business and are supported by a strong and experienced board. Together with the backing from existing investors we were able to introduce them to a number of our new members from London and overseas who were attracted to the progress and potential of the company,” said Jim Hall of Kelvin Capital.
Eleanor Mitchell, High Growth Ventures Director at Scottish Enterprise said “We are delighted Taragenyx have secured this funding. They are an extremely ambitious company with strong international potential for their innovative technology. Scottish Enterprise supported the growth of Taragenyx with advisory help, talent management, assistance with access to key networks and investment from the Scottish Investment Bank. “We look forward to their continued progress and expansion”.