Octopus Ventures, an investor in early-stage companies, has invested £2 million in e-Therapeutics Plc, a drug discovery and development company.

Octopus Ventures, an investor in early-stage companies, has invested £2 million in e-Therapeutics Plc, a drug discovery and development company.

Headquartered in Newcastle UK, e-Therapeutics uses drug discovery technology to assess drug candidates ahead of clinical trials, thereby reducing the risks associated with the trials. Alex Macpherson, chief executive of Octopus Ventures, said: “e-Therapeutics is an extremely compelling investment proposition.”

The money comes after an initial investment in 2007 and consists of a private placing of 3.2 million shares at a price of 30p per ordinary share and the issue of some £1 million of loan notes.

Professor Malcolm Young, CEO of e-Therapeutics plc, said: “This funding will provide us with the necessary capital to develop our pipeline of drug candidates further and capitalise on any compelling acquisition opportunities within the global biotechnology community, resulting from the ongoing economic turbulence.”