23rd February 2007
CAT56
CRITICAL PHARMACEUTICALS RECEIVES FUNDING
TO DEVELOP BUSINESS AND PRODUCT PORTFOLIO
Catapult Venture Managers has led and completed an investment transaction of up to £600k to enable BioCity-based Critical Pharmaceuticals to further develop its technology and product portfolio.
This is the second phase of funding for Critical Pharmaceuticals - Catapult was again lead investor when £750k was initially invested in December 2004 to fund the testing programme into the delivery of a number of proteins and peptide-based drugs.
Jonathan Earl, portfolio manager with Catapult led the latest investment round. He commented: “We have invested £250k from the East Midlands Regional Venture Capital Fund which we manage, along with E-Synergy (up to £100k) and East Midlands Business Angels (up to £100k). The remainder of the funding has been committed by the University of Nottingham, the Lachesis Fund and a number of private individuals.
“The company, a spin-out form Nottingham University, has a very strong management team led by Alan Raymond and Professor Steve Howdle, and is commercialising research in to high pressure CO2 polymer technology.
Critical Pharmaceuticals vision is to formulate biologics into highly efficacious controlled release products that are more convenient, safer and more effective for patients and healthcare professionals.
Comments Steve Howdle: “Although we have done a great deal of work on the technology involved we have yet to fully develop our products and so have not yet made any sales. We realise that our investors are therefore backing us at a risky stage in our development. We are certainly very pleased to have been able to access funding in the amounts we needed and at this early stage. Now we can say Critical Pharmaceuticals has set-out to achieve commercial success, high growth and healthy returns – for all.”
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For further information please contact either Rob Carroll or Jonathon Earl at Catapult Venture Managers on 0870 116 1600, or Paul Shrimpton at PSPR Ltd on 0121 354 7311.
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