Proveca secures £2.6m investment from Albion Ventures
Funding to support pharmaceutical firm’s continued development of children’s medicines
Cheshire-based pharmaceutical company Proveca has been backed by venture capital firm Albion Ventures to the tune of £2.6m.
Founded in 2010 Proveca, which is located in Cheshire’s government-backed Enterprise Zone Sci-Tech Daresbury, specialises in re-engineering existing medicines to suit the needs of children.
The funding is set to support Proveca’s current focus on cardiology, neurology and pain management medicines for children with long-term illnesses, with the aim of pushing these products into European markets.
Marking Albion Ventures’ ninth investment in the healthcare sector in five years, Proveca joins the venture capital firm’s growing portfolio in this sector, including Startups Award-winning cancer-detection firm Abcodia.
Managing director and co-founder of Proveca, Simon Bryson commented: “We are excited to have gained the backing of Albion whose expertise in the healthcare space convinced us that they would be ideal partners.
“This deal will enable us to take our pipeline of new products through clinical development and, ultimately, authorisation and licensing for use across Europe.”