The SPARK Impact-managed North West Fund for Biomedical is teaming up with the Technology Strategy Board and private investors to invest in a business located at Daresbury Sci-Tech.
Tomorrows Medicines, which has developed a system to recruit and retain participants in medical clinical trails, has secured £250,000.
The business will be using the venture capital investment develop its YourTreatmentChoices.com platform, which allows patients to find and join local clinical trails. Tomorrows Medicines says that the platform services global pharma, biotech, diagnostic and others in recruiting participants.
The backing of Tomorrows Medicine marks the 60th time that The North West Fund for Biomedical has made an investment, and the 40th company to date.
Clare Nolan, CEO of Tomorrows Medicine, comments, ‘[The funding] will enable us to provide a fully-supported service to global pharmaceutical, biotech and diagnostic companies looking to accelerate patient recruitment across all clinical areas.
‘The clinical trail recruitment process is critical for the discovery of much-needed medical treatments and we can now make this process simpler, faster and more accessible.’
The last investment made by the Biomedical fund involved a fellow Daresbury Sci-Tech business, microbiological testing company Perfectus Biomed.
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Penny Attridge, senior investment director at SPARK Impact, adds, ‘From day one we could see the potential in Tomorrows Medicines’ novel, interactive platform for patient recruitment and retention services.
‘Clinical research offers exciting drug discovery opportunities and we hope the investments will make a real difference to continue to grow the company.’
The £155 million North West Fund has five other sub-funds: Mezzanine, Loans Plus, Venture Capital, Biomedical, Energy & Environmental and Digital & Creative. The six funds are financed by European Regional Development Fund and the European Investment Bank.