Scotland's Ardana raises L2 million

Ardana Bioscience of Scotland, which focuses on reproductive healthproducts, has received a L2 million ($2.8 million) funding boost from a founder shareholder, UK Medical Ventures Fund. This brings to L3.1 million the amount raised by Ardana since it was established in the middle of 2000.

Chief executive Simon Best said that the additional funding will enable Ardana "to accelerate our most promising research initiatives, some of which have the potential to enter clinical trials within the next two years." He added that the firm will look to establish collaborations "with relevant industry players" in the near future.