Highland Venture Capital

A funding package totaling up to £700,000 has been agreed for Dumbarton-based Centeo Biosciences, which is about to launch its proprietary technology into the global life sciences sector.  The investment was led by Highland Venture Capital, the Inverness based business angel syndicate, with additional investment from TRI Cap business angel syndicate, LINC Scotland’s Investment Facilitation Programme, Upstarts Syndicate and Scottish Enterprise’s Co-Investment Fund.

Centeo has designed a hand-held portable thermal control unit, which allows test samples to be
exposed to multiple, controlled temperatures throughout the experiment protocol, saving time and increasing the accuracy of testing.  No similar product is currently on the market. The technology has been developed over the last four years by CEO Dr Gabriela Juarez-Martinez and Dr Philipp Steinmann, CTO, and is set to transform thermal control protocols in the pharmaceutical and academic research sectors, where more than £500 million is routinely committed to the research and launch of each new drug.

“This investment effectively enables Centeo to take its unit to market,” says Geoff Bush of Highland
Venture Capital.  “After many years of product development and market research, Centeo has created
product demand and it is envisaged the product will very quickly make a significant impact on the sector.”

Geoff Bush joins the board of Centeo to represent the interests of the investors Robert Dick, chairman of TRI Cap, commented: “Centeo’s product represents the realisation of many
years of research, development and commitment from the management team and TRI Cap members are
pleased to be contributing to this investment round, which will see Centeo move into production and sales.” CEO of Centeo, Dr Gabriela Juarez-Martinez, envisages manufacture will commence before the endof 2009: “This is a significant milestone for Centeo and one which we have anticipated keenly.  We are verygrateful to the investors, who have demonstrated their enthusiasm for the management team, our productand the future of the business, which I believe has the potential to make a global impact.”
Centeo’s automated equipment is currently designed for protein crystallisation but is also suitable for
other markets, and the company is working on a number of further developments to extend the technology’s applications.

Dundee-based corporate finance advisors DC Consulting worked with Centeo to construct and seal
the deal.