Paraytec announces closing of £500,000 third round equity fundraising

Saturday, 8th December 2007

York, UK-based scientific instrument company, Paraytec Ltd announced it has recently completed its third equity funding round. The £500,000 investment was raised from contributions from the Viking Fund, the Viking Club, YFM Group, staff and private investors.

Dr Bill Gosling, non-executive Chairman representing the Viking Fund and YFM Group on the Board of Directors explained “Paraytec have done what so many university spin-outs fail to do; they have addressed manufacturing and certification issues from the outset to the point where they are already achieving a good gross margin that they know how to increase. At the same time and in the best development time-compression manner, they have got their products into the international marketplace and started to receive that all-important user feed-back from a growing network of distributors and Original Equipment Manufacturers (OEMs). Viking Fund and YFM Group are happy to have had the opportunity to increase their equity stakes in this exciting business opportunity.”

“This funding round will enable Paraytec to capitalize on an incredible 2007 where we have established ourselves as a credible player in the lucrative multi-billion dollar analytical and life sciences instrumentation market” commented Mark Vaux, Chief Executive Officer. “This capital will fund our growth plans for 2008 and beyond. Our first objectives will be to strengthen the technical and commercial teams to enable the development and exploitation of unique applications using our international award winning detector, the ActiPix D100. When I joined Paraytec earlier this year I saw it as an exciting opportunity to combine my business and leadership experience with the technological know-how already in the company. Now we have this funding in place we can press on with maximizing the growth of our company.” “The detector uses capillaries the width of a human hair to carry tiny liquid samples through a beam of UV light, then captures and processes the images using an Active Pixel Sensor similar to the technology used in digital cameras and mobile phones. The ActiPix allows scientists to “see” a complex reaction taking place in real time and to quantify the components. It provides very high sensitivity, and requires 1000 times less sample than existing techniques, making it ideal for high value samples such as biopharmaceuticals” explained Paraytec’s Chief Scientific Officer, Professor David Goodall.

Dr Mebs Surve, Business Development Director, added “Opinion leaders and potential OEMs are excited about the unique capabilities our ActiPix technology brings to the market place. Not only can we exploit our imaging technology into applications involving capillaries, but the flexibility of our technology will enable us to develop applications into new areas and hence new products at significantly reduced development costs”.

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