Spark backs Molplex with £350,000

The investment was made through the North West Fund for Biomedical, a £25m vehicle managed by Spark Impact and financed by the European Regional Development Fund and the European Investment Bank.

The fresh capital will allow the company to establish proof of concept with its current platform, further update its software and establish a base in the North West.

Previous funding
Northstar Ventures originally backed Molplex in 2010.

Company
Founded in 2010 and based in Newcastle, Molplex is a drug discovery company that aims to lower the cost of inventing new medicines. The firm has developed automated decision-making systems using chemistry and biology software that incorporate critical decisions made by drug developers. The company hopes that this process will allow the development of safer and improved drugs at a lower cost and in a shorter period of time than traditional research and development methodology currently allows.

People
Penny Attridge is a senior investment director at Spark and fund manager for the North West Fund for Biomedical.

Advisers
Equity – Ward Hadaway, Melanie Yeomans (Corporate finance).

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