Innovative Partnership between AFM and LJMU Seals its first Deal
5th August 2008
The partnership between Alliance Fund Managers (AFM) and Liverpool John Moores University (LJMU) to help turn academic ideas from LJMU’s extensive research portfolio into commercial businesses has just completed its first deal.
An investment of £82K has been made into the first spin out company to be established since the Proof of Concept Funding Programme was launched in May this year. The funding comprises £68.3k from AFM through the MSIF Liverpool Seed Fund and £13.7k from LJMU.
Pharmalucia Limited will progress the work of academic Dr Mark Wainwright, Reader in Antimicrobial Chemotherapy in the School of Pharmacy and Biomolecular Sciences at LJMU. Dr Wainwright has been researching a different therapeutic approach effective against microbes, such as the hospital superbug MRSA, for 15 years.
Based on this extensive research, Dr Wainwright has identified novel antimicrobial compounds that could offer more effective treatments against these superbugs, which currently claim the lives of 5,000 people every year in the UK alone and cause many thousands more to suffer long term complications.
These novel compounds could also be applied in medical devices and disinfectants.
Now thanks to the Proof of Concept Funding Programme, Dr Wainwright has the financial backing he needs to support the commercial development of his research.
Dr Wainwright explained: “After decades of wonder drugs, we can no longer guarantee that antibiotics will cure bacterial disease. Deaths resulting from infections are increasing because of drug resistance. Common disinfectant drugs are becoming less and less effective. Thanks to this Proof of Concept funding, we will be able to take the research to the next stage, testing the effectiveness of the novel compounds identified against different microbes. Once this has been proven, we will be one step closer to early licence opportunities.”
Mark Fuller, managing director of AFM said: “Knowledge-based businesses are a vital part of our economy and it is crucial that they have access to funding and advice to enable them to develop and grow. Through the partnership with LJMU talented individuals within the university now have access to a complete support package which can provide the opportunity to turn their work into viable businesses.”
Di Burbidge, LJMU’s Commercialisation Manager, added: “Our academics don’t want to wait months for a decision on whether they should publish, patent or protect their work and thanks to this unique funding arrangement they don’t have to. We have worked hard to put the right mechanisms in place so that with the support of AFM, we can quickly translate ground breaking research into commercial realities.
“The fact that we have been able to launch a company as exciting as Pharmalucia Ltd just two months after the Proof of Concept funding came on stream proves that the system works, and with another two companies already in the pipeline, it clearly shows the massive commercial potential of LJMU’s research.”
Up to £120,000 proof of concept funding is available for each project, with a maximum of £100,000 being invested by AFM through the MSIF Liverpool Seed Fund and £20,000 by LJMU.
The initiative is designed to address a gap in the market for financing the early stage development of technology and new ideas, which are often seen as high risk investment propositions.
Andrew O’Mahony of Brabners Chaffe Street provided legal advice to the Fund. Phil Whitehurst of DWF acted for LJMU.
Ends
For further information please contact Angela White at AFM on 0151 242 6376.
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Photo shows L-R Mark Fuller (AFM) Jo Pritchard and Di Burbidge (LJMU) and Dr Mark Wainwright
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