International chemical technology business, Liverpool ChiroChem, has secured a £2.25 million investment from Deepbridge Capital, Praetura Ventures and NPIF-Maven Equity Finance, managed by Maven and part of the Northern Powerhouse Investment Fund.
Since the company’s founding in 2014, LCC has produced products which provide pharmaceutical companies innovative processes for the R&D of new drugs. Its most notable product, 3-D chiral nitrogen heterocycles, are used by pharmaceutical companies all over the world.
The business has grown to two locations after starting at Liverpool University, its headquarters and R&D centre are in Liverpool with an analytics centre and a production laboratory in Taizhou, China.
Funding from the investors will provide backing to CEO and co-founder Paul Colbon to drive growth in personnel and output increases across both locations, ensuring they support their pharmaceutical customers’ needs in their R&D goals.
Paul Colbon, CEO and co-founder of LCC, said: “2019 saw a record number of newly approved drugs hit the market. 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. We have a world-class team in the UK and China that are working extremely well together, it’s a joy to witness.”
Simon Robb, Maven portfolio manager, said: “On behalf of NPIF, it is fantastic to be increasing our investment into LCC, who are making significant steps forward in their marketplace of complex chemical building blocks and DNA scaffolds.
“LCC are world leaders in their technologies and are delivering the ability to support innovative pharmaceuticals companies quickly and effectively, which is so relevant at this time.
“The additional investment is allowing LCC to grow its UK operations significantly and enable it to deliver upon projects with other world leading specialists. We look forward to working with LCC in the coming years.”
Grant Peggie, director at the British Business Bank, said: “NPIF has a track record of supporting companies in this growing sector and we are pleased to build on this momentum as we continue our commitment to investing in Northern companies. We are pleased to be able to support growing, innovative businesses by providing vital funding to enable job creation and economic growth.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.