The research and development (R&D) of new drugs for cancer, respiratory illnesses and dementia is set to receive a financial boost, after a chemical technology business reported it has secured £2.25 million of investment.
Liverpool ChiroChem (LCC), which was launched in 2014, will receive the money from Deepbridge Capital, Praetura ventures and NPIF – Maven Equity Finance, part of the Northern Powerhouse Investment Fund (NPIF).
Thanks to the extra finance, the company will be able to expand its teams in both its R&D headquarters in Liverpool and its analytical centre and production laboratory in Taizhou, China.
Chief executive officer and co-founder of LCC said: “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.”
Part of the finance will come from the NPIF, which stems from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Director at the British Business Bank Grant Peggie stated the NPIF “has a track record of supporting companies in this growing sector”.
At the end of last year, LCR revealed plans to collaborate with Cresset, provider of software and contract research services for small molecule drug discovery. Together, they aim to design novel compound libraries with the maximum pharmacological diversity within the smallest library size. By doing so, they hope to improve the efficiency of drug discovery in the future.
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