Cyprotex takes £3m loan to drive US growth
CYPROTEX, the drug testing specialist, has taken out a £3m loan to invest in its US facilities and increase capacity.
The AIM-listed company with operations in Macclesfield and Massachusetts has entered into a loan note subscription agreement with Trident Private Equity Fund III LP, a fund managed by Harwood Capital.
Harwood Capital, through its managed fund Oryx International Growth Fund Limited currently holds 61.2 million shares in Cyprotex, representing a 27.3% stake. Christopher Mills, who was appointed as non-executive director of the Company on 24 July 2013, is the chief investment officer of Harwood Capital.
Under the terms of the Subscription Agreement, TPE III has undertaken to subscribe for £3m of redeemable loan notes in the Company.
Cyprotex develops software used by large pharmaceutical groups to predict the effect of medication. It said that many of its opportunities for growth are in the US and thatthe funding will be used to invest in the company’s US facilities to replicate both the high throughput analytical capabilities and advanced automated workflows it currently has in the UK, giving significantly increased operational capacity.
US operations would then be capable of matching the range, standards and performance of the facilities in the UK, it said.
