Arcinova driving innovation with £5m BGF investment

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Arcinova has secured a £5 million investment from the British Growth Fund (BGF) which it plans to use to drive innovation and international expansion.

The funding follows a period of rapid growth and development at its site in Alnwick, Northumberland in the UK.

The company has been exploring the use of new intensive manufacturing technology processes to support the rapid development of pioneering drugs for the treatment of life-threating illnesses including cancer.

As a result of its innovative approach, Arcinova has more than doubled its customer base in the past two years, generating revenue of close to £9 million.

Arcinova is currently working on a major continuous technology project with Nottingham University, which has secured grant funding from Innovate UK.

BGF will provide support as a long-term minority shareholder in the business. The initial funding will be used for further investment in the joint-project, as well as new equipment, infrastructure and people in the UK and overseas to further increase capacity.

Following an introduction by BGF, Arcinova has appointed Mike Hudson, co-founder of Neuropharm, as non-executive Chair.