Liverpool chemical tech firm secures a further £2.25m
Liverpool chemical technology firm ChiroChem has secured a funding boost of £2.25m.
Led by Dr Paul Colbon (pictured) and spun out of Liverpool University, ChiroChem develops and manufactures chemical components that are critical to the research and development of drugs treating dementia, cancer and respiratory illnesses.
The funding round was led by Deepbridge Capital and Praetura Ventures, with NPIF – Maven Equity Finance also investing.
It has a manufacturing base in Taizhou, in China, with its headquarters and research and development centre in Liverpool.
Following the investment, Stuart Noble has joined as chief financial officer and will work alongside Dr Paul Colbon and his management team on the next stage of the firm’s growth. Dr Jason Tierney has also joined to chair the scientific advisory board.
Dr Colbon said: “Last year, we saw a record number of newly approved drugs hit the market and this new injection of capital and support will really allow us to accelerate production and distribution capabilities.
“Despite the current challenges facing businesses worldwide, we have been able to pivot our business model to make the most of our time working remotely.
“We have a world-class team in the UK and China that are working extremely hard to unlock new chemical space that will underpin the development and discovery of new drugs and I’m looking forward to working together as we embark on the next phase of our growth journey.”
ChiroChem, which plans to increase investment in its facilities in Liverpool and China as well as booosting staff numbers, previously secured £1.5m in equity funding two years ago from Praetura Capital, the NPIF and Deepbridge Capital.