NW Fund cash woos drug discovery firm
A BIOTECH company led by the founder of listed pharma group Cyprotex, is to open an office in the region after agreeing a £350,000 funding deal.
Molplex, which is currently based in Newcastle, was set up by Professor David Leahy a former AstraZeneca executive who set up and floated Macclesfield company Cyprotex on AIM.
The new venture, which aims to lower the cost of inventing new medicines, has been wooed to the region by the North West Fund for Biomedical.
Molplex has developed automated decision making systems using predictive chemistry and biology software which incorporate critical decisions made by drug development professionals during the early stages of drug discovery and design.
The North West Fund for Biomedical is a sub-fund of The North West Fund, and is managed by SPARK Impact, the technology investor.
The funding will be used to progress 10 early stage drug projects through laboratory synthesis and testing using Molplex’s automated systems.
Prof Leahy, chief executive of Molplex said: “We would like to thank The North West Fund for Biomedical for supporting our transformation into the first of a new class of an ultra-effective drug discovery business.
“Molplex’s novel approach to the automation of drug discovery decision making can radically lower the cost of inventing new medicines, while increasing the quality of the new drug candidates. This funding creates an opportunity for us to convert that promise into reality.”
Penny Attridge, senior investment director at SPARK Impact and fund manager for The North West Fund for Biomedical said: “We are really excited to be working with David and the team from Molplex and see a bright future for the company.”
Molplex is the 22nd investment for The North West Fund for Biomedical. Melanie Yeomans, corporate finance partner at law firm Ward Hadaway, advised on the deal.
