OxTox secures £600,000
OxTox, an Oxford-based cannabis testing company, has received £600,000 in its first investment round. The proceeds will fund the production of handheld drug testing kits for the police when testing drivers.
John Parselle, OxTox’s chief executive, believes the technology ‘will provide a rapid and accurate on-the-spot result that will be easy to administer both for the police and the person taking the test’.
The round was led by intellectual property commercialisation company IP Group and included Oxford Technology 4 Venture Capital Trust and a local business angel.
Parselle adds: ‘We are not trying to detect if someone has used drugs within the last couple of days, only if they are actually under the influence at that time, in order to improve safety when driving or for instance when operating potentially dangerous industrial machinery.’
OxTox is the 64th spin-out from Oxford University. It worked with Isis Innovation – a technology transfer company owned by the University – and IP Group to prepare for the funding round. OxTox is IP Group’s third spin-out company from the chemistry department of Oxford University in the last 12 months.