Investors plunge £4m into Aquapharm

The marine biotechnology company gains funds to continue its exploration of the sea


Aquapharm Biodiscovery, which creates drugs derived from tiny organisms found in the sea, has completed a £4m round of investment.

The marine biotechnology company has been backed by Amsterdam-based VC Aescap Venture which has invested £1.5m, as well as Tate and Lyle Ventures.

Further investments have also been made by existing investors Scottish Enterprise, NESTA Investments and HIE Argyll and the Islands.

As a part of the deal Patrick Krol, from Aescap Venture and Simon Barnes of Tate and Lyle Ventures will join Aquapharm’s board.

The company, based in Oban, Scotland, was founded in 2000 and is led by Dr Andrew Mearns Spragg.

It employs 15 staff and is headquartered at the European Centre for Marine Biotechnology (ECMB).

Mearns Spragg said “Completing this new investment is recognition by venture capital of the exciting advances made by the company over the past three years in the areas of anti-infective development and novel ingredients for functional foods and cosmeceuticals.

“It is another confirmation of the potential economic benefits that marine biotechnology holds for the development of new innovative natural products for the wellness of all of us.”

© Crimson Business Ltd. 2007

Comments

(will not be published)