Mercia Fund Management extended GBP 150,000 financing in biotech company Oxford Genetics. The amount will be utilized to improve Oxford Genetics' online store as well as improve its product or service earlier.
Dr. Ryan Cawood, Oxford Genetics CEO, explained that the main company product is the SnapFast system which acts like the "Lego for DNA." The technology is seen to change the traditional practice of gathering DNA from various sources. This practice is "costly and often frustrating," he added.
Instead, Oxford will supply researchers and clinics with all the human, bacterial and rodent DNA components that are very easy to work with while eliminating incompatibility issues.
Dr Mark Payton, Managing Director of Mercia Fund, said that they have been looking to partner with startups with "high growth potential" and decided that Oxford met all their requirements. "The company clearly stood out for us - the SnapFast system and the online business model meet an untapped need in the market," he said.
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