This funding initiative was led by prior investors, Archangels and Scottish Enterprise, with the British Business Bank joining as a newcomer.

Following strong performance over the past year and a half, which saw BDD’s revenues soar to over double the previous year’s figure, the firm is set for a promising future, having clinched significant contracts with major pharmaceutical entities for the next two years. This financial injection is pivotal for BDD as it seeks to bolster its clinical capacity and extend its offering to serve as a unified hub for early-stage formulation development and clinical assessment.

One of the significant upgrades this investment facilitates is BDD’s ability to undertake Phase I First in Human trials for innovative medications. This will streamline the development and clinical testing process, enabling swifter market entry for medical treatments.

Led by CEO Dr Carol Thomson, BDD Pharma was established in 2000 and since then has provided expertise in early phase clinical research for the pharmaceutical industry using gamma scintigraphic imaging techniques. Gamma scintigraphy is a medical imaging technique that uses small amounts of radioactive materials and a special camera to create pictures of exactly how a drug product performs in the body. Scintigraphic data can provide vital information for the development of better and safer medications.

BDD currently supports innovators across the globe and works with a range of clients from the biggest pharmaceutical companies to innovative biotech startups, all with the common goal of bringing novel treatments to market more quickly.

Dr Thomson said: “More and more we are talking with companies who are developing the most exciting ground-breaking new medicines, but their path to market is being hampered by traditionally slow and costly development processes.

“We have always prided ourselves in working collaboratively with our clients to provide phase appropriate development, manufacturing and clinical testing services.

“This investment allows us to further expand on these services, enabling our clients to fast-track their drug product development.”

Dr Sarah Hardy at Archangel Investors said: “BDD is an excellent example of an ambitious and innovative Scottish life science company with global reach. Its patented timed-release technology, alongside world-class clinical trial services offering, created a compelling proposition for the pharma industry.

“Building on a successful 18 months after the challenges of the pandemic, the company is well poised to pursue its growth strategy. We’re excited by what the future holds for BDD and looking forward to supporting Carol and the team.”