Chromatide gains backing to go to market
The company which provides services to the pharmaceutical industry gains backing
Pharmaceutical and chemicals business Chromatide has received backing VC backing in order to take its products to market.
The Cheshire-based company, founded in 2005 by Dr Don Wellings and Dr Saeed Gulzar, provides purification services to the pharmaceutical industry.
Wellings, a former technology manager at Polymer Laboratories has developed intellectual property which Chromatide plans to license out to its clients.
The RisingStars Growth Fund has backed the company for an undisclosed sum and the company will use this money to bring a number of products to market.
“My idea to use a common domestic product in a scientific application results from a little observation and the ability to think laterally,” Wellings said. “The resultant IP underpins a number of commercial opportunities.
Rayna Dean will be joining the company’s board as its chairman, she was introduced to the company by Enterprise Ventures which manages the RisingStars Fund.
She said: “It is a pleasure to be involved with a company which applies such lateral thinking to its inventiveness.
“I am sure Chromatide’s exciting discoveries will enable it to deliver both value to its investors and benefits to the pharmaceutical and related industries.”
Chromatide received advice from law firm Halliwells, Manchester, on the deal.
© Crimson Business Ltd. 2007