Gentronix secures £1.4m funding
Gentronix has secured £1m investment from NVM Private Equity Limited (NVM), as part of a £1.4m funding round.
The company produces a product called GreenScreen HC, an assay test for new drugs which is used to detect contain potentially cancerous toxins at a very early stage in the drug discovery process.
This can reduce the cost of drug development as it can detect the toxins prior to genotoxicity tests which occur prior to clinical trials, the company says.
Founded in 1999, Gentronix is a spin-out from The University of Manchester when it was backed by Manchester Technology Fund and YFM Private Equity Limited, which have remained with the company for the latest funding round.
Having established patents in the field of early identification of genotoxic carcinogens, the company has developed two screening kits, which can be used alongside standard screening procedures.
Clients of the company include pharmaceutical and healthcare giants such as Johnson & Johnson and GlaxoSmithKline, who both use the GreenScreen system.
John Nicholson, chairman and chief executive of Gentronix, said: “Our initial product, GreenScreen GC is a fast and reliable screening method, providing robust detection of genotoxic carcinogens.
“We are also developing and marketing another screening product based on human cells, called GreenScreen HC, which with NVM’s investment, we will be able to market effectively on a global basis not only to the pharmaceutical and biotech sectors, but also to cosmetic, environmental and fine chemical markets.”
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