Woodford IM backs pharma firm
A SMALL bio-medical firm chaired by Manchester businessman Bryan Bodek has raised £5m from leading fund manager Woodford Investment Management.
Based in Aberdeen, NovaBiotics will use the proceeds of the private placing for working capital to enable it to continue its clinical trials in the field of antimicrobial therapeutics assets.
Woodford Investment Management was launched last year by star fund manager Neil Woodford, whose portfolio ranges from owning 8% of AstraZeneca to stakes in small firms such as Manchester’s 4d pharma. It has some £8bn of assets under management.
The private placement with Woodford IM was arranged by Shore Capital as financial adviser and broker.
Bryan Bodek said: “This investment validates our model and the hard work that has been done by the team over the last 10 years. We are delighted to welcome Woodford IM as a significant investor and, together, we are aligned and excited about the next phase of development of the company.”
Mr Bodek, a former director of Manchester City FC, was previously a corporate lawyer with Kuits. He then went on to lead Manchester company Airline Services into a deal with private equity firm LDC.
