Critical Pharmaceuticals gain £600,000
Biotech company Critical Pharmaceuticals has received £600,000 of investment to enable it to develop its technology and products.
The funding round was led by Catapult Venture Managers, which invested £250,000 through the East Midlands Regional Venture Capital Fund.
A further £100,000 was injected by fund managers E-Synergy and the East Midlands Business Angels also put £100,000 into the pot, the remaining money came from the University of Nottingham, the Lachesis Fund and some private individuals.
This is the second phase of funding for the company which received £750,000 in December 2004 to fund a testing programme for drug delivery product. The latest funding round will be used to continue this work.
Company founder Professor Steve Howdle said: “Although we have done a great deal of work on the technology involved we have yet to fully develop our products and so have not yet made any sales.
“We realise that our investors are therefore backing us at a risky stage in our development.
“We are certainly very pleased to have been able to access funding in the amounts we needed and at this early stage.”
© Crimson Business Ltd. 2007