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| CN Bio Raises $21 Million USD in First Close of Series B Investment Round
With the latest fundraising, CN Bio is well-positioned to continue its global expansion to meet the evolving needs of customers worldwide in key markets including toxicology, drug pharmacology and metabolic diseases. With 80% of clinical failures attributed to efficacy and toxicity issues, often derived from the poor predictiveness of animal and 2D cell culture models3, the industry demand for OOC solutions in these areas is growing. By expanding R&D in the space, CN Bio will enhance the depth and breadth of tools and applications available to optimize drug discovery and development workflows, enabling researchers to generate data with greater predictability, lower risks of late-stage failures, and accelerate time-to-market for a wide-range of novel therapeutics. Dr Paul Brooks, CEO, CN Bio, said: "We are seeing pivotal growth across our industry, whereby drug developers are increasingly recognising the potential of OOC technology to augment, supplement and optimize their workflows." He added: "We have strategically positioned ourselves accordingly to respond to the market needs and are proud to have received recognition from our major shareholder, CN Innovations, and new institutional investors such as Bayland Capital, to drive this vision forward. The investment is a testament to our team's hard work and dedication to best supporting our customers to bring drugs to patients more quickly, more cost-effectively, and through less animal experimentation." Yuexing Su, Founding Partner, Bayland Capital, commented: "OOC technology is an exciting market with compelling opportunity for growth. CN Bio has taken key steps to build a team with extensive industry expertise and robust networks across the industry, with a longstanding track record of success. We look forward to the continued success for the Company as it further capitalizes on this unique growth opportunity and delivers on its future expansion plans to remain at the cutting-edge of the field. We will leverage our networks and shareholders' base to further support and cement the leading position of CN Bio in OOC development." Charles Chong, Managing Director, CN Innovations, added: "We are encouraged by CN Bio's ongoing success and, in particular, the team's achievements over the past years, during which conditions have been difficult in the broader economy. In this time, key milestones have been met, not just for the Company, but also the wider industry - including CN Bio providing critical human-relevant compound efficacy data to support the FDA's approval for Inipharm's Phase 1 clinical trial for metabolic liver disease. We are pleased to be supporting CN Bio again as it looks ahead and strengthens its future growth plans, of which, expanding its product portfolio in markets that hold huge impact for the industry, such as metabolic disease modelling and toxicology, will be key."
Notes to Editors For a high-resolution image please contact Zyme Communications. View source version on businesswire.com: https://www.businesswire.com/news/home/20240423634634/en/
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