Imperial College London spin-out gets funding

Biopharmaceutical company PolyTherics has secured funding of £2.3 million from a consortium of private equity and venture capital interests.

The company, which launched in 2002 as a spin-out from Imperial College London, has developed technologies that can keep drugs active in the body for longer.

Longbow Capital, which specialises in healthcare and technology investments, put in some £1.3 million, the lion’s share of the funding. Technology commercialisation company Imperial Innovations Group invested £750,000, while the Regional Venture Capital Fund for London made up the balance of £250,000.

This is the second round of funding for PolyTherics, which was set up with the backing of £850,000 from the Wellcome Trust and the Bloomsbury BioSeed Fund.

PolyTherics CEO Keith Powell says: ‘Having products in pre-clinical trials before first-round fundraising and a demonstrated core technology makes the company an exciting prospect. We now have three partnerships with product-focused pharma companies underway and are already generating revenue from this.’

Imperial Innovations Group was founded in 1986 and floated on AIM in July 2006, raising £26 million. The company aims to incubate and invest in technology businesses with valuable intellectual property, and is also based at Imperial College London.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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University Spinouts