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Life sciences group Abzena raising £25mln to invest in growth plans

Published: 07:25 05 Apr 2017 BST

Abzena
The new funding will enable Abzena to build on the group's foundations, says CEO John Burt

Ambitious life sciences group Abzena plc (LON:ABZA) has unveiled plans to raise £25mln that will help accelerate the business towards “sustainable profitability”.

The share placing follows a period of expansion that has seen it make two major acquisition since its 2014 listing that have significantly increased the company’s scale.

Such is the demand for its services Abzena has worked with 18 of the top 25 companies in the biotech and pharma space.

"This new funding will enable us to build on the group's foundations, maximising the opportunities being presented to us and accelerating progress to sustainable profitability," said Abzena chief executive John Burt.

Expanding capabilities

The cash injection will be used to upgrade and expand Abzena’s US based bio-manufacturing facilities and capabilities.

Funds will also be ploughed into existing services in America and the UK as well being used for business development.

"Our existing and prospective customers are developing novel but complex biological therapies for a wide range of diseases, from rare genetic childhood disorders to cancer,” said CEO Burt.

“Our experience and reputation as a biopharma service and technology provider continues to grow and as a result our customers' demand is currently outstripping our capacity."

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