Biotangents has secured £2.2m of new funding and strengthened the management team and Board with the appointment of two new senior industry specialists and new Non-Exec Director to further support the next phase development and roll-out of its ‘on farm’ rapid disease technology.
The additional funding is made up of £1.6m from the UK Government’s Innovate UK innovation loans programme and a further £600k from a funding round led by the investment syndicate Kelvin Capital and with Scottish Enterprise participation.
The business has confirmed the appointment of Fiona Marshall as CEO and Ross McDermid as Director of Commercialisation to the company’s Board. Both have successful commercial careers in the animal health and veterinary sectors and strengthen the existing Board and senior management team. In addition, Professor Richard Hammond has joined the Board as Non-Exec Director.
Fiona Marshall, CEO at Biotangents said: “In addition to our forthcoming lab based AmpliSpec ™ BVD and Mastitis products, the new funding will enable the next phase of our product development delivering our new AmpliSpec™ platform directly to the veterinary and farming sectors. Beyond Mastitis, further assays will be developed for use on this platform. We all know that the financial impact of Mastitis is significant, but it also has a huge impact on animal welfare and sustainability. The platform will provide accurate diagnosis between milking allowing the Vet and Farmer to quickly determine the most appropriate treatment for each individual cow, including specific antibiotic treatment. We recognise the positive impact this will have on antimicrobial resistance, ultimately reducing antibiotic usage.”
Biotangents’ Isothermal technology can be applied to the rapid detection of a wide range of diseases in Animal Health including Bovine Viral Diarrhoea (BVD) and Mastitis. The award winning AmpliSpec™ Mastitis diagnostic test will dramatically cut the detection time for Mastitis from the current period of several days to just a few hours.
Biotangents’ AmpliSpec™ Mastitis diagnostic test was selected by an international panel of experts as the winner of the ‘Production Animal’ Animal Health Innovation Award 2021 at Animal Health Innovation Europe, one of the most prestigious awards in the industry.
The company also secured £1.2m in August 2021 in a successful funding round also led by Kelvin Capital, following an initial £1.5m in May 2019. Kelvin Capital represents private investors in the UK, Europe, and the USA.
John McNicol, director of Kelvin Capital said: “We have supported Biotangents since 2017 and are delighted to continue that and welcome the strengthening of the existing operational team and the company’s Board. This disruptive technology will bring additional benefits to the global dairy sector and wider AgriTech sector because rapid diagnostic technology brings financial benefits to farmers and dramatically improves animal welfare.”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise said: “Scotland is globally renowned for its strengths in life sciences, owing that reputation in part to innovative biotechnology businesses such as Biotangents. Working alongside companies in this sector to progress ground-breaking diagnostics technology, and in turn investing in Scotland’s wider rural economy, is a priority for Scottish Enterprise. We are delighted to support Biotangents on their journey taking their product range from Scottish laboratory to new international markets.”
Read the full press release here.