Cheshire drug innovators receive £400,000 investment
Drug delivery innovators, Alchemy Pharmatech, have landed £400,000 investment from SPARK Impact, manager of The North West Fund for Biomedical.
The Chesire based firm, which have recently relocated to Daresbury Science and Innovation Park, has developed a unique nasal delivery device for a range of pharmaceutical products, including DNA vaccines, hormone replacement compounds and pain control products.
The innovation helps to improve patient compliance, make treatment more effective, and also negates the need for medical staff to administer the medication.
APT will use the investment, from The North West Fund for Biomedical and funded jointly by the European Regional Development Fund and the European Investment Bank, to complete development of its nasal device.
It will also allow the company to grow its management team, including the appointment of a full time CEO.
Ian Harrison, founder and CTO of APT, said: “I would like to thank the team at SPARK Impact for its ongoing belief and support in the technology.
“This round of investment will allow us to complete work on the device so it can then go on to be used in a human drug trial, which is another important step closer in bringing the product to market.
Dr Penny Attridge, Senior Investment Director at SPARK Impact, said: “Ian and Bruce from Alchemy Pharmatech have worked extremely hard to get to this point and it’s a real privilege to be able to invest in this cutting edge technology.
“We look forward to seeing the results of the trial and hope to see APT go from strength to strength.”
This was posted in Bdaily's Members' News section by Tom Keighley .