Proveca, a European paediatric speciality pharmaceutical company, has raised GBP4 million to fund the commercial launch of Sialanar and the development and commercialisation of its paediatric product portfolio.
Sialanar is a treatment for chronic pathological drooling in children, launched in the UK by Proveca, to be followed by the rest of Europe.
The investment was led by Catapult Ventures, managers of the GM&C Life Sciences Fund, alongside Kreos Capital, a European provider of growth debt financing.
The investment comes soon after the EU-wide PUMA (Paediatric Use Marketing Authorisation) regulatory approval of Sialanar (glycopyrronium, oral solution) for the symptomatic treatment of severe sialorrhoea (chronic pathological drooling) in children and adolescents with chronic neurological disorders. The investment will enable Proveca to develop sales and marketing capabilities in Europe.
Proveca was founded by Dr Simon Bryson and Dr Helen Shaw who each have extensive experience in the development and licensing of medicines for children – having secured two of the current three Paediatric Use Market Authorisations (PUMAs) approved to date.
Bryson says: “Helen and I are pleased to welcome Catapult Ventures and Kreos Capital as investors in Proveca as we launch Sialanar across the Europe and advance our paediatric medicines portfolio. 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."
Dr Gareth King, life science partner at Catapult Ventures, says: "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."
Aris Constantinides, general partner at Kreos Capital, says: "Proveca is a high-growth company poised for significant revenue growth with its UK launch of Sialanar and rapid international expansion. It is just the kind of exciting company that Kreos looks to invest in and I look forward to working with the Proveca team and equity investors Catapult Ventures and Albion Ventures."
Dr Christoph Ruedig, partner at existing investor Albion Ventures, says: “We are looking forward to working with Catapult Ventures and Kreos Capital and grateful for their support. Proveca is committed to becoming the leading medicines company focused on children and the fundraising will help accelerate that vision.”
Proveca was advised on the deal by Dr Tim Wilson of Longcross Advisers and the 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.
