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Liverpool bioscience company Redx Pharma has been launched today following a £1.9m round of funding, backed by investment from the public and private sector. Chief executive Dr Neil Murray told Insider the company has the ability to achieve "multimillion-pound revenues" as it targets major players in the pharmaceutical sector. Redx Pharma has been backed by the Northwest Regional Development Agency's interim venture capital fund, managed by YFM Private Equity, and includes backing from the European Regional Development Fund. A number of private investors have also taken stakes, including the venture capitalist Jon Moulton, the co-founder of Alchemy Partners. The size of the stakes has not been disclosed. Murray said the company will develop therapeutic remedies based on existing classes of drugs and structurally modify them to create new proprietary medicines. "We've seen a lot of interest from large pharmaceutical companies - they appreciate our technology and our approach," he said. "If we can build on what we've achieved so far then we will be successful in this." He added: "This investment leaves us well placed to exploit the state-of-the-art facilities we have at Merseybio, our close links with University of Liverpool and the enormous potential of the global pharmaceuticals market." As part of the deal Redx has acquired the assets of Bradford Pharma, based at the Merseybio incubator unit. Bradford Pharma was founded in 2005 by directors Dr Pete Jackson and Norman Molyneux. Lindsay joined as director and shareholder in 2007. Redx's board will be chaired by Jackson, who is also chief executive of Manchester chemical catalyst company Reaxa, while Molyneux's corporate finance house Acceleris brought the syndicate of private investors together. Doug Stellman, investment director at YFM, said: "The company has a technology platform that will allow it to develop new formulations for antibiotics and other important drug classes. This round of venture capital funding is the vital step in taking this technology platform forward from proof of concept." Bradford Pharma received £300,000 worth of funding from Alliance Fund Managers' Liverpool Seed Fund in December 2008.
Original Article: RedX Pharma launches following £1.9m funding roundNEXT ARTICLE
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