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BioTech firm Oxford Genetics has raised £500,000 from Mercia Technologies.

The news comes after the company, which specialises in synthetic biology and DNA design, raised £1m from Mercia, which has a direct equity stake of 47.9% in the firm in October last year.

Oxford Genetics has so far raised £5.8m through a combination of grants and external investments and says it will use this latest round to expand its reach in the US market and further its growth.

Dr Ryan Cawood, CEO of Oxford Genetics, commented on the raise: “Mercia’s continued support has been instrumental in helping us to achieve the significant progress to date.

“Our turnover has doubled in the last year and with this additional capital, we will be able to further expand the team, giving us the ability to build the most innovative technologies in the DNA and protein design market.”

Dr Mark Payton, CEO of Mercia Technologies PLC, spoke about the company’s trajectory over the past year.

“Oxford Genetics has clearly demonstrated its ability to create market leading technologies and has been bolstered by an industry leading research and development team.”

Payton went on to note that life sciences and bio-sciences continued to be a key sector for Mercia and one which they believe would deliver significant shareholder value over the medium term.