Liverpool based chemical business receives £2.25m funding to aid growth
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Liverpool ChiroChem, an international chemical technology business whose products form the building blocks to the research and development of new drugs, has secured £2.25m of investment from Deepbridge Capital, Praetura Ventures and NPIF – Maven Equity Finance, managed by Maven and part of the Northern Powerhouse Investment Fund.
LCC was founded in 2014 to accelerate the discovery and development of high- quality drugs by providing pharmaceutical companies all over the world with improved access to novel 3D chiral nitrogen heterocycles.
The business began within Liverpool University but now has two locations; its headquarters and R&D centre in Liverpool and an analytical centre and production laboratory in Taizhou, China.
Following the investment from Deepbridge, Praetura and the Northern Powerhouse Investment Fund through Maven, CEO and co-founder Paul Colbon will lead a programme of change across both locations, growing its team and output to ensure pharmaceutical partners have what they need to make important new discoveries.
Colbon said: “2019 saw a record number of newly approved drugs hit themarket. I’m delighted that LCC’s long-term strategic investors are allowing us to ramp up the production and distribution of our novel chemical components that will enable our clients to unlock new chemical space for further discovery of novel drugs and development of treatments in multiple therapeutic indications, particularly oncology and the central nervous system. We have a world-classteam in the UK and China that are working extremely well together, it’s a joy towitness.”
Savvas Neophytou, a Partner and Head of Life Sciences at Deepbridge Capital, commented,
Having partnered with LCC since 2014, we are pleased with the progress that the team continues to make with regards to the discovery and commercial production of novel chemistry. One of the rewards when supporting growth- focused companies is witnessing this growth and success. Our funding of LCC is a great example of how the Enterprise Investment Scheme allows private investors to access early-stage growth opportunities they otherwise may not have exposure to.
Grant Peggie, Director at the British Business Bank, said: “NPIF has a track record of supporting companies in this growing sector and we are pleased to build on this momentum as we continue our commitment to investing in Northern companies. We are pleased to be able to support growing, innovative businesses by providing vital funding to enable job creation and economic growth.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.