AFM Backs Novel Drug Technology Company
11th November 2008
A company which has developed a novel drug technology has received a £300k funding boost from Alliance Fund Managers (AFM) through the Merseyside Special Investment Fund (MSIF) Liverpool Seed Fund.
Bradford Pharma Limited, based at Merseybio, has produced a new range of potential drug candidates for use in cholesterol treatment.
Around 5% of patients using existing therapies to treat the condition experience mild to moderate side effects. The drugs under development by Bradford Pharma could potentially reduce harmful side effects and also enhance therapeutic activity.
The company successfully completed the initial proof of concept (PoC) in laboratory trials in May this year. This was supported by a £75k research grant from North West Development Agency (NWDA) plus an initial £100k investment from AFM.
AFM has now agreed an investment package of up to £300k, with £200k already invested alongside £20k from the founder directors to fund the further development of the project. AFM investment director Darren Gowling led the deal for AFM and was supported by investment manager Rajesh Sharma. AFM has appointed the highly experienced Dr Phil Gould as non executive director. Malcolm Stewart of Liverpool Ventures supported Bradford Pharma throughout the funding process and continues to work closely with the company.
Bradford Pharma was founded in 2005 by directors Dr Pete Jackson and Norman Molyneux. Dr Derek Lindsay joined as director and shareholder in 2007 prior to starting research operations.
Dr Jackson said: “During the PoC project, a library of potential drug components was synthesised and tested ‘in vitro’ - in laboratory test-tube trials - against a specific treatment model. These trials resulted in nine new chemical entities being given the go ahead for further testing and development as drug candidates.
“These PoC results have been written up to file new patents covering their use and we are planning further patents as part of the next development phase. This project will include further testing programmes developed in collaboration with Liverpool, Bradford and Sheffield Universities.”
He added: “The funding from AFM and support from Liverpool Ventures, along side the research grant award from the NWDA and a capital grant from MerseyBio, provided a total funding package that was critical to getting Bradford Pharma's research off the ground. This integrated approach was fundamental to choosing Liverpool for our laboratory operations, and we are delighted to confirm that this new funding will allow us to expand our drug research and development activities on this site."
Malcolm Stewart, managing director of Liverpool Ventures said: “Bradford Pharma has developed exciting new technology which has significant market opportunity and the potential to enhance the lives of many patients. This business is a great example of Merseyside’s thriving life science industry and we are really pleased to be supporting it.”
The development project will create two new high-quality jobs at PhD level, plus two part-time roles, including a new managing director. Two posts were also created in the previous PoC project.
Ends
For further information contact Angela White @ Alliance Fund Managers on 0151 242 6376.
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Photo shows L-R Rajesh Sharma (AFM) Derek Lindsay and Phil Gould (Bradford Pharma) Malcolm Stewart (Liverpool Ventures) Norman Molyneux and Pete Jackson (Bradford Pharma)
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