Lab21 receives bank funding to support global growth

Lab21 has been provided with a new financial support package of five million pounds by Clydesdale Bank.

The bank's growth finance team – which delivers financial support to high-growth, venture capital-backed businesses with strong product portfolios – has approved the transaction based on Lab21's international expansion plans.

Revenue growth in excess of 30 percent is expected by Lab21 in 2012, thanks to its progressive strategy of creating an international diagnostics business through a buy-and-build system, underpinned by strong organic growth of new products.

The five million pound sum represents an initial investment, with further financial support potentially on the way.

Susan Lowther, chief financial officer of Lab21, said: "I am delighted to have completed this finance round with Clydesdale with their ability to support high-growth small to medium-sized enterprises in today's difficult financial markets."

Last month, the company announced a new alliance with a major pharmaceutical company to create a companion diagnostic product for a new colorectal cancer treatment.