3 Apr 2009 07:00
SUCCESSFUL FUNDRAISING FOR THERAKIND
IPSO Ventures plc ("IPSO"), the creator of commercial value from technology, is pleased to announce that its portfolio company, Therakind Limited ("Therakind" or the "Company"),has successfully raised £350,000 from new investors. Therakind is a paediatric healthcare business, which was spun-out from The School of Pharmacy, University of London in October 2006.
Therakind works exclusively in paediatric medicine and can take a drug from an idea through to regulatory approval. It develops licensed paediatric medicines in collaboration with partners benefiting from the EU paediatric drug legislation.
This funding, which has been raised from an investment fund and private individual, will allow Therakind to continue its development of a paediatric sedation drug, which it is co-developing with another party. This sedation product is currently progressing through the European regulatory process and is expected to gain approval in 2010.
Therakind has continued to expand its customer base and generate significant revenues. It is currently assisting three other companies with the evaluation and development of a number of paediatric therapeutics.
Nick Rodgers, CEO of IPSO, said: "We are very pleased to have secured additional funding for Therakind. The paediatric drug market is a new and exciting field of medicine, which has largely been ignored by pharmaceutical companies as drugs developed for adults have been routinely used "off label" by clinicians treating children. Estimates vary but suggest that over 50 per cent of drugs used on children in hospitals have not been trialled on children and are therefore being used "off label"."
Ipso Management Limited had invested £420,000 in Therakind. A further £350,000 has been contributed in this fundraising by new investors. The shareholders of Therakind include the School of Pharmacy, UCL Business plc, Great Ormond Street Hospital and Prof. Ian Wong.
Further information, please contact:
| IPSO Ventures plc: Simon Hunt, Chairman Nick Rodgers, Chief Executive | Tel: 020 7921 2990 simon@ipsoventures.com nick@ipsoventures.com |
| Website details: | www.ipsoventures.com www.therakind.com |
| Ambrian Partners Limited Samantha Harrison | Tel: 020 7634 4700 samantha.harrison@ambrian.com
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| Rawlings Financial PR Limited Catriona Valentine | Tel: 01653 618 016 catriona@rawlingsfinancial.co.uk |
NOTES TO EDITORS
IPSO:
IPSO creates commercial value from technology and its business model is entirely demand driven. It works closely with its industrial collaborators to identify the demand for new, innovative technologies and then, through its strong relationships with research institutions, sources technologies which could meet those needs. Much of this technology requires considerable further work by IPSO before it can be sold to industry as a developed product. IPSO creates businesses and provides expertise, strategic direction, human and seed capital, as well as corporate finance advice.
For industrial collaborators, IPSO provides a mechanism to identify and develop technologies which could be of significant value to their businesses and removes the risk to them of acquiring raw, unproven and undeveloped technology.
For research institutions, IPSO provides greater certainty that their technology will find commercial success.
THERAKIND LIMITED
| Therakind works exclusively in paediatric medicine | |
| Therakind can take a medicine from idea through to regulatory approval | |
| Therakind works with other drug development companies on a collaborative basis |
Expertise - from idea to regulatory approval
Therakind's dedicated paediatric team brings a wealth of experience in drug formulation, drug delivery, study design, clinical study management and study analysis, reporting and drug licensing and regulatory approval.
In addition, Therakind has a network of highly competent and professional paediatric specialists in the UK and Europe with considerable experience of treating children.
Why paediatrics?
The paediatric drug market has in the past been largely ignored by pharmaceutical companies since their products have been routinely used "off label" by clinicians treating children. Estimates vary but the paediatric drug market would appear to represent between 15% and 25% of the overall drug market. EU and US regulators have sought to address the lack of licensed paediatric medicines through legislation which in the EU is both a "carrot" and "stick" offering added market protection for drugs but the threat of delays to adult approvals if there is no paediatric plan.
| Therakind Limited Dr Susan Conroy | Tel: 020 7921 2990 www.therakind.com |