Drug developer secures £2.6m VC backing

A PHARMACEUTICAL firm which is developing a range of new drugs to treat children with chronic medical conditions has secured a £2.6m investment.

Proveca, based in the enterprise zone at Sci-Tech Daresbury, Cheshire, has been backed by London-based Albion Ventures.

The business, established in 2010, focuses on re-engineering generic medicines to make them appropriate for use by young people.

It was established by Simon Bryson and Helen Shaw following the sale of their former company, Auralis, to Viropharma.

Managing director Mr Bryson said: “We are excited to have gained the backing of Albion whose expertise in the healthcare space convinced us that they would be ideal partners. This deal will enable us to take our pipeline of new products through clinical development and, ultimately, authorisation and licensing for use across Europe.

“We have a proven track record of successfully taking complex products from conception to commercialisation, with a specific focus on ensuring the availability and appropriate presentation of important medicinal products which will address unmet medical needs.”

Dr Shaw added: “The re-engineering of non-patent drugs to deliver a product developed specifically for children – rather than young people having to take drugs initially designed for adults – is a great unmet need in modern medicine.

“For those children with long-term conditions in particular, the development of such drugs to make them more pleasant to take or easier to administer, with the supporting clinical evidence of use, can deliver massive improvements in quality of life and care. Our business is about identifying niche patient populations and developing products which specifically meet their needs.”

Christoph Ruedig, investment manager at Albion Ventures, said: “Proveca has identified a unique opportunity to build a business focused on medicines for children, which is a poorly served market. They have a highly experienced management team with a strong track record that is ideally positioned to deliver on the company’s growth plans. We are delighted to be investing and working with this innovative company.”

Proveca was advised by Manchester-based Diagnostic Capital.