Stirling life sciences outfit Symbiosis to add jobs after £1m financing injection

Stirling-based Symbiosis Pharmaceutical Services will push ahead with a recruitment drive and expansion after securing a £1 million funding injection.

Colin MacKay, chief executive of Symbiosis, said the funding would be used to enable further successful growth in both local and international markets.

The firm, based at Stirling Innovation Park, provides manufacturing services to global biotechnology and pharmaceutical companies developing novel drug therapies and vaccines for use in clinical trials or the commercial market.

It has secured £1m of finance from Allied Irish Bank (GB) to support its growth strategy, which includes plans to hire 20 more staff by the end of 2020. The finance package follows a recent period of expansion by Symbiosis, part-funded by Innovate UK grant funding.

Sign up to our daily newsletter

The i newsletter cut through the noise

Chief executive Colin MacKay said: “The funding from Allied Irish Bank (GB) is a significant statement of support and endorses our growth strategy.

“We will be using that investment to proactively fuel the strategic development of our capabilities to enable further successful growth in both local and international markets. We want to increase our manufacturing output while maintaining the time-focused competitive strengths that our market has come to expect.

“It’s an exciting time for Symbiosis and we’re grateful for the support from Allied Irish Bank (GB) in recognising our potential for growth and their willingness to join us in a mutually-beneficial relationship.”

Tina Crookston, relationship manager at Allied Irish Bank (GB), said: “Symbiosis has consistently exceeded its business goals and has strong potential for growth. Life sciences is a billion-pound sector in Scotland and homegrown start-ups like Symbiosis are a critical part of that success.”

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

The dramatic events of 2020 are having a major impact on many of our advertisers - and consequently the revenue we receive. We are now more reliant than ever on you taking out a digital subscription to support our journalism.

Subscribe to scotsman.com and enjoy unlimited access to Scottish news and information online and on our app. Visit https://www.scotsman.com/subscriptions now to sign up.

By supporting us, we are able to support you in providing trusted, fact-checked content for this website.

Joy Yates

Editorial Director

 0 comments

Want to join the conversation? Please or to comment on this article.