A COMPANY is expecting to take its world-leading research into x-rays to the next level after raising £1.6m.
Durham Scientific Crystals (DSC), based on NetPark, in Sedgefield, County Durham, is carrying out research into the way x-rays are conducted, and is pioneering a method of using colour 3D imaging, which is untested anywhere else in the world.
Yesterday, DSC said it had raised £1.6m through selling shares at £8 each, which will be used to help the development of its technology.
It is also a key development in DSC's quest to employ hundreds of people and record a turnover of tens of millions of pounds by 2011. Only months ago, DSC signed a deal with the Home Office to develop a liquid and small object scanner, and airport checkpoint baggage scanner, to help in the multi-billion pound fight against terrorism, and said it is actively seeking similar opportunities for its latest technology.
Dr Arnab Basu, chief executive of DSC, said: "The company is making great progress on both technical and commercial fronts, and the support from our investors in this financing round is again a testament to our ability to reach targets and achieve goals."
DSC was formed in April 2003 as a spin-off from the physics department at Durham University, and has progressed from strength to strength, recently doubling its workforce to 26.
It has also played a key role in helping NetPark become the fastestgrowing and one of the most innovative science, engineering and technology parks in the UK.
DSC's partner company Amphion Innovations - a London and New York-based technology venture capitalist, which owns a 21 per cent stake in the organisation - said it was confident of DSC's continued success.
Richard Morgan, chief executive of Amphion, said: "Despite a more challenging fundraising environment, we have successfully raised an additional £1.6m at double the valuation of the previous financing.
"This is a testament to the strength of DSC's technology and we look forward to positive developments."
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