A Manchester-based specialist pharmaceutical company developing medicines for children has raised £4m to finance the commercial roll-out of a product.
The investment in Proveca was led by Catapult Ventures, manager of the Greater Manchester and Cheshire Life Sciences Fund, and growth debt financing provider Kreos Capital.
The business plans to use the cash to fund the commercial launch of Sialanar, a treatment for chronic pathological drooling in children. It will use the cash to develop sales and marketing capabilities in Europe.
“This is a significant milestone in enabling Proveca to deliver its business plan, which will make a significant contribution to addressing the unmet medical needs of children,” said Dr Simon Bryson, who founded Proveca alongside Dr Helen Shaw.
Dr Gareth King, life science partner at Catapult Ventures, added: “We’re delighted to have led this investment in Proveca and are excited by the potential to help build a leading European specialty pharmaceutical company focused on medicines for children.”
Proveca was advised on the deal by Dr Tim Wilson of Longcross Advisers and legal adviser was Amy Wright at 3volution. The GM&C Life Sciences fund legal adviser was Melanie Yeomans at Ward Hadaway and Kreos Capital was advised by Richard Bloomfield at Bird & Bird.