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BioAscent reports growth in drug discovery business

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BioAscent has helped with numerous parts of the COVID-19 effort

Glasgow-based BioAscent has reported significant growth in its drug discovery business which saw revenues rise by 60% this year.

The company has experienced an increase in its venture-backed biotech client base and has been winning an increasing number of US customers.

To support and expand US growth, Dr Nick Moore was appointed as head of business development in North America,

BioAscent also helped to set up and provide on-site technical expertise in high-throughput screening, assay development and sample logistics to the Scottish Government’s Lighthouse Lab COVID-19 testing facility in Glasgow.

The firm has continued to invest in new instrumentation and extend the range of its discovery capabilities. With a team nearing 50, the business is expecting further recruitment this year.

CEO Paul Smith said: “To report this level of growth in a crowded and well-served market is testament to the world-leading expertise and dedication of the team.

“2021 will see us strengthening our offering in key disciplines such as computational chemistry, continuing to hire the best scientists, and ensuring that they are working with the best tools available.

“That’s why we invested £1m in new instrumentation and equipment this year and expect to invest at least as much again in 2021, further enhancing the attraction of our premium facility In Newhouse.”

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