VC-backed PolyTherics raises £2.15m

Imperial Innovations committed £1.2m to the round, new investor Beringea invested £750,000 through the ProVen Health VCT, while existing investor YFM contributed £200,000. Following the investment, Imperial Innovations Group will hold a 38.6% stake in the business.

YFM invested via The Capital Fund, a £50m English regional venture capital fund it manages via its wholly owned subsidiary YFM Venture Finance.

This latest round follows a £3m investment in February 2010 and a £2.3m round in June 2007, both backed by Imperial Innovations, Longbow Capital and YFM.

Company
Founded in 2002, PolyTherics provides solutions to biopharmaceutical companies for the improvement of protein- and peptide-based drugs. The London-based business currently employs 30 staff.

People
John Burt is CEO of PolyTherics. Helen Reynolds and Robert Bahns represent YFM and Imperial Innovations respectively on the board of Polytherics.

Advisers
Company – Fasken Martineau, Charles Waddell (Legal).

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