Xceleron receives

Xceleron has closed a new funding of approximately £2m. Close Venture Management (CVM) led the round with a £1.5m investment, while Foursome Investments added £500,000. It will be used to provide working capital and to finance a significant growth phase in the company's development: upgrading the its accelerator mass spectrometry (AMS) machine; increasing the efficiency of its laboratory processes and funding the expansion of its sales activities.

Established in 1997 as a spin out from the University of York, the company's technologies are aimed at speeding up drug development by reducing attrition rates, especially through innovative microdosing procedures recently endorsed by the FDA and the EMEA.

With two locations in the UK and one in the US, Xceleron is a GLP accredited organisation with unique expertise in its field of ultrasensitive analysis of drugs and their metabolites. Its technology has been used to assist 15 of the world's top 20 pharma companies in their drug development activities.