The North West Fund for Biomedical, the £25 million fund managed by SPARK Impact, has invested £350,000 into drug discovery company Molplex Ltd.

The North West Fund for Biomedical, the £25 million fund managed by SPARK Impact, has invested £350,000 into drug discovery company Molplex Ltd.

Molplex Ltd has developed automated decision-making systems using predictive chemistry and biology software, which the company says will mean safer and better quality drugs can be developed at a fraction of the cost and faster than traditional research and development methodology.

The North West Fund for Biomedical is a sub-fund of The North West Fund, which is financed jointly by the European Regional Development Fund and the European Investment Bank.

The investment from SPARK Impact, say managers of The North West Fund for Biomedical, means that Molplex will be able to establish proof of concept with their current platform and complete further updates to the software.

It will also enable the company, currently based in Newcastle, to establish a base in the North West. The funding will be used to progress ten early-stage drug projects through laboratory synthesis and testing using Molplex’s automated systems.

David Leahy, CEO of Molplex says, ‘Molplex’s novel approach to the automation of drug discovery decision making can radically lower the cost of inventing new medicines, while increasing the quality of the new drug candidates. This funding creates an opportunity for us to convert that promise into reality.’

Penny Attridge, senior investment director at SPARK Impact and fund manager for The North West Fund for Biomedical adds, ‘We are really excited to be working with David and the team from Molplex and see a bright future for the company.’