CellRev, a UK company producing proprietary media additives to optimise cell manufacturing, has ceased trading.
In a LinkedIn statement, CEO Chris Green explained that the company had not been able to deliver commercial milestones quickly enough to secure Series A funding. Despite this, he noted that CellRev had achieved several goals since it was founded in 2018 as a spinout from Newcastle University. These included developing a continuous adherent cell manufacturing platform, said to be an industry-first, with evidence of 60 days of continuous culture.
CellRev also raised significant funding over the years, including £1.2 million in a seed round in 2021, £1.75 million the following year, and £1.4 million in 2023. But despite securing strategic partnerships to launch its product and filing three patent families, CellRev was hit hard by industry shifts from late 2022 onwards.
In December 2023, the company partnered with BSF Enterprise, owner of the UK clinical and cellular agriculture company 3D Bio-Tissues (3DBT), to launch a new company focused on the mass production of cultivated meat. However, BSF reportedly withdrew from the venture late last year, retaining full ownership.
“We ran out of time”
In 2024, CellRev attempted to pivot, focusing on a reagents-only model and life science opportunities. But despite securing commercial partnerships, gaining a place on the prestigious BioTools Innovator Program, and having pilots underway, the company was ultimately unable to continue operating.
Ed Connell and Mike Kienlen of the advisory firm Armstrong Watson were appointed as administrators of CellRev on August 12. All nine employees have been made redundant, and the administrators are working with their agents, Hilco Valuation Services, to realise the company’s assets.
“We are still adamant that what CellRev set out to do is transformative and very much needed; however, we ran out of time,” said Chris Green on LinkedIn. “Great people, loads of progress, and a lot learnt. I hope everyone, past and present, has taken something from their time with CellRev. I know I have. A HUGE thanks to all of our supporters over the years.”
