Newcells Biotech, whose laboratory models are used in drug development and reduce reliance on animal testing, has raised a further £2.35m to boost its growth and help establish itself as a global leader in its field. 

The Newcastle-based company has secured funding from existing investors including the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia Ventures, Mercia’s own funds and Northstar Ventures. It brings the total raised by the company to date to over £12m.