A Liverpool-based chemical technology company helping to fight dementia, cancer and respiratory illnesses has secured £2.25m.
Liverpool ChiroChem (LCC) develops and manufactures chemical components that are critical to the research and development of new drugs.
Led by Dr Paul Colbon, it supports a global customer base from its research and development headquarters and its manufacturing facility in Taizhou, China.
The funding round was led by Deepbridge Capital and Praetura Ventures, with NPIF - Maven Equity Finance also investing.
As well as the cash boost, LCC has made a number of senior appointments and announced the launch of a scientific advisory board.
Stuart Noble has joined as chief financial officer and will work alongside Dr Paul Colbon and his management team on the next stage of LCC's growth strategy. They will be supported by Dr Jason Tierney, who has joined to chair the scientific advisory board.
Dr Colbon said: "Last year, we saw a record number of newly approved drugs hit the market and this new injection of capital and support will really allow us to accelerate production and distribution capabilities.
"Despite the current challenges facing businesses worldwide, we have been able to pivot our business model to make the most of our time working remotely.
"We have a world-class team in the UK and China that are working extremely hard to unlock new chemical space that will underpin the development and discovery of new drugs and I’m looking forward to working together as we embark on the next phase of our growth journey."
LCC now plans to increase investment in its facilities in Liverpool and China, and continue to recruit new talent.
Dr Savvas Neophytou, a partner and head of life sciences at Deepbridge Capital, added: "LCC was a pre-seed investment in 2014; since then we have led each funding round and have worked closely with its management team on refining its business plan, upskilling and generating defensible positions to facilitate its future growth.
"Our funding of LCC is a great example of how the Enterprise Investment Scheme allows private investors to access early-stage growth opportunities they otherwise may not have exposure to."
Dr Andy Round, director and life sciences specialist at Praetura Ventures, said: "[The company] has invested heavily in its manufacturing facility in China to meet the demands of the international pharmaceutical sector, and by bringing on board some of the best scientific minds the business can continue to evolve activity in a way that accelerates the development of new drugs.
"As a partner, we always look to invest more than money and we’re looking forward to supporting Paul and his team as they enable their clients to bring new ground-breaking drugs to market at speed."