Albion Ventures invests GBP2.6m in Proveca
Albion Ventures has invested GBP2.6m in Proveca, a pharmaceutical company that develops innovative and technically complex new pharmaceuticals largely for children.
Proveca, which was established in 2010 by Simon Bryson and Dr Helen Shaw, focuses on the re-engineering of existing generic medicines to make them appropriate for use by young people, many of whom will have chronic conditions which require on-going drug regimes.
The company is currently developing medicines for children in the fields of cardiology, neurology and pain management.
Dr Andrew Elder, partner and head of healthcare at Albion Ventures, says: “Healthcare is an important area within Albion’s portfolio and it provides tremendous opportunities for growth in a climate of economic uncertainty. It’s a sector where there is increasing need for efficiency and wide demand for new technologies. For Albion, the timing is right to continue to invest in this sector. We have the expertise to identify companies such as Proveca that are ideally positioned for rapid growth.”
Bryson says: “We are excited to have gained the backing of Albion whose expertise in the healthcare space convinced us that they would be ideal partners. This deal will enable us to take our pipeline of new products through clinical development and, ultimately, authorisation and licensing for use across Europe. We have the ability to successfully take complex products from conception to commercialisation, with a specific focus on ensuring the availability and appropriate presentation of important medicinal products to address unmet medical needs.”
Proveca marks Albion’s ninth investment in the healthcare sector in the last five years. Currently 20 per cent of its portfolio is in the healthcare sector.
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