Plasticell, the biotechnology company developing regenerative drugs using high throughput stem cell technologies, has announced the closing of a £690,000 financing round involving an institutional investor for the first time.

The fundraising was comprised of a rights issue in which £440,000 was raised from a number of founding shareholders, followed by investment of £250,000 from The Capital Fund.

Hugh Cochrane, non-executive director of Plasticell, commented: “I have been impressed by Plasticell’s truly remarkable progress both in the science and business of stem cells, which has attracted further investment from The Capital Fund. I strongly believe Plasticell’s intellectual property portfolio and business strategy will transform it into a star company in this sector.”

Mr Cochrane increased his personal stake in the company this round by investing £200,000.

Ian Cameron, Investment Director at The Capital Fund, added: “Investing in Plasticell is an exciting opportunity for us. The Company has developed novel intellectual property with significant commercial potential which Yen Choo has the commercial and scientific skills and experience to exploit to the full. The Company has a strong financial footing already – as the recent shareholder investment has shown. We look forward to working with Yen and his team, and following the further rapid growth of Plasticell.”