BioFilm Limited secure funding package to enable increase in production capacity
BioFilm has secured a £2.5 million funding package which will be invested in new product development and laboratory facilities along with further state-of-the-art manufacturing technology at its premises in Blantyre, Scotland. Ian Stevens, CEO of BioFilm Ltd, said “This funding package will be instrumental in the expansion of our modern manufacturing equipment and product development facilities.”
The firm which was originally launched as a subsidiary of food products firm Devro, specialises in fast dissolving and absorbable films for use in food supplements and medical applications.
The finance package from Clydesdale and Yorkshire banking’s growth finance team will be used to invest in new development and laboratory facilities, alongside more state-of-the-art manufacturing equipment at its facility in Blantyre, Glasgow. The investment will enable Biofilm to significantly increase capacity as it looks to support a number of larger contracts and expand its range of products.
The deal was led by Usman Ali and John Raines from Clydesdale and Yorkshire’s growth finance team which provides debt funding for high-growth businesses with strong intellectual property assets and existing venture capital backing. The deal is the team’s fourth major transaction across the UK in the past five weeks. Ali, a director in the growth finance team, said Biofilm was an innovative SME with “exciting potential”.
Read the full story, here.
Firms such as BioFilm contribute to Scotland’s positioning as a world leading location for research. Find out more about this here.