WEP gains £1m
The biotech company gains investment from investors new and old
Warwick Effect Polymers (WEP) has raised a further £1m of investment from venture capitalists and private investors to progress development and commercialization of its proprietary technology.
The company has been backed by Catapult Venture Managers which invested £600,000 alongside money from Mercia Technology Seed Fund, Oxford Technology VCT, private investors and management. WEP was a ‘spin-out’ from the University of Warwick in 2001 and to date has raised in excess of £3m to date in grants and investments. It has eight ongoing evaluation agreements with global pharmaceutical and biotechnology companies, The new funds will be used to develop the company’s technology platforms, secure further agreements, licence its patents, and complete manufacturing contracts, the company says. “WEP is very pleased to have secured this investment from Catapult, and the continued support from its existing investors in these difficult investment markets,” said executive chairman Dr. Richard Palmer. “This reflects the progress made by the company over the last year, which has secured eight evaluation agreements with leading companies, with more under negotiation. “The funding will enable WEP to progress these, complete more, and secure licences and manufacturing contracts, leading to financial independence over the next two years.” © Crimson Business Ltd. 2009