£150,000 funding boost for cell technology specialist
A COMPANY which has developed specialist cell technology to screen drugs against human proteins has secured £150,000 of equity funding to scale-up its services for pharmaceutical companies.
The idea to adapt established technology to be used in a different way was developed when Dr Jim Freeth, formerly a project leader at AstraZeneca, recognised what he believed an unmet need to understand what drives the side effects of drugs.
Together with partner Jo Soden, Dr Freeth set up Sheffield-based Retrogenix last October to capitalise on the demand from large pharmaceutical companies for this capability.
The technology can also be used in drug re-profiling – testing drugs which have already been launched to market for their adaptability to treat other symptoms and illnesses.
With the cost of taking a drug to market in the region of $1bn, Retrogenix believes the technology offers an attractive opportunity for pharmaceutical companies.
Retrogenix has received the funding after completing the Access to Finance for Healthcare Technology Companies programme.
Based at the Sheffield Bioincubator, Retrogenix has attracted three business angels, two of whom will also take an active role in the company as consultants.
Neil Ewin and Mark Woodward of Ewin Woodward Development have invested money into the company. Nick Stringer is the third investor who will be involved at board level.
Dr Freeth joined the Access to Finance programme, managed by accountancy firm Grant Thornton, to explore investment opportunities.
He had already secured interest from a number of business angels at Venturefest, the annual event which puts technology entrepreneurs in front of potential investors, and was seeking support to guide him on pitching and negotiations.
Dr Freeth said: “The programme gave me the knowledge and skills to be able to negotiate effectively and achieve the best result for the company.”
Retrogenix is the first company to secure equity funding through the Access to Finance programme following its launch in February.
The programme helps to give healthcare technology companies in Yorkshire the knowledge, advice, tools and resources needed to access equity funding from national and international investors.
Programme manager Phil Whaley said: “Retrogenix’s successful fund raising in these difficult market conditions is a reflection of the quality of both the team and business proposition on offer. The flexibility of the programme provided Jim with the tailored and targeted support he needed to conclude the deal.”
Alex McWhirter, assistant director of business at Yorkshire Forward, said: “We are delighted to be supporting Retrogenix as it commercialises its specialist cell microarray technology to screen drugs against human proteins.”
