Pharmaceutical firm raises £4m to fund launch of children’s anti-drooling drug
Manchester-based paediatric pharmaceutical company Proveca has raised £4m to fund the commercial launch of Sialanar, a treatment for chronic pathological drooling in children, and for the development and commercialisation of its paediatric product portfolio.
Sialanar has been launched in the UK by Proveca, to be followed by the rest of Europe.
The investment was led by Catapult Ventures, managers of the GM&C Life Sciences Fund, alongside Kreos Capital, a leading European provider of growth debt financing, and will enable Proveca to develop sales and marketing capabilities in Europe.
Proveca was founded by Dr Simon Bryson and Dr Helen Shaw who each have extensive experience in the development and licensing of medicines for children – having secured two of the current three Paediatric Use Market Authorisations (PUMAs) approved to date.
Dr Bryson said: “Helen and I are pleased to welcome Catapult Ventures and Kreos Capital as investors in Proveca as we launch Sialanar across the Europe and advance our paediatric medicines portfolio. This is a significant milestone in enabling Proveca to deliver its business plan, which will make a significant contribution to addressing the unmet medical needs of children.”
Dr Gareth King, life science partner at Catapult Ventures, said: “We’re delighted to have led this investment in Proveca and are excited by the potential to help build a leading European specialty pharmaceutical company focused on medicines for children.”
Proveca was advised on the deal by Dr Tim Wilson of Longcross Advisers and legal advisor was Amy Wright at 3volution. The GM&C Life Sciences fund legal advisor was Melanie Yeomans at Ward Hadaway and Kreos Capital was advised by Richard Bloomfield at Bird & Bird.
Gareth King (Catapult Ventures), Simon Bryson (Co-Founder & Director, Proveca), Christoph Ruedig (Albion Ventures), Helen Shaw (Co-Founder & Director Proveca), Andrew Jackson (Finance Director, Proveca), Chris Brinsmead (Chairman, Proveca), Simon Barter (Commercial Director, Proveca)
