Diagnostics outfit Axis-Shield secures £1.3m boost

A Tayside medical diagnostics firm that develops and commercialises tests for critical illnesses, including diabetes and sepsis, has secured funding of almost £1.3 million from Barclays.

Axis-Shield received a funding boost from Barclays. Picture: Alan Richardson

Axis-Shield Diagnostics said it will use the capital to grow investment in research and development as well as boost efficiency at its facility in Dundee’s Technology Park.

Managing director Anil Vasishta said the funding will make sure the business, a spin-out from Dundee University that launched in 1982 as Shield Immunologicals, continues to provide “cutting-edge diagnostics products for our world-wide customer base”.

Axis-Shield clients include global pharmaceutical firms Abbott and Siemens.

Paul Smith, corporate development director at Barclays Corporate Banking Scotland, said: “This is one of a strong pipeline of deals in Scotland in the year ahead as we continue to grow our presence in the marketplace.”