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Cambridge biotechnology company Axol Bioscience has smashed its £600,000 equity crowdfunding target and is now hoping to raise up to £1m.

Based at Great Chesterford Research Park, the business uses Nobel Prize-winning stem cell technology to produce "quality" human cells for biomedical research.

Axol’s long-term goal is to provide a platform where researchers can pick and choose human cell types derived from healthy or diseased individuals for specific research purposes, revolutionising the drug testing market.

Its clients Janssen, Pfizer, Lilly and Nestle, along with Harvard University, Kings College London, the University of Oxford and Aston University.

The company launched a SyndicateRoom campaign to raise an investment of £600,000 in return for an 8.7 per cent equity stake and is now overfunding with a maximum limit of £1m. The campaign will end on 28 February.

Axol said in its crowdfunding pitch that it was looking to raise funds to "accelerate revenue growth and begin international expansion".

This round is set to be its final fundraise before becoming profitable and exiting, most likely via an IPO, in four to five years.

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