Celentyx Ltd (United Kingdom) - Dec 2007

unquote
01 December 2007

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The Mercia Technology Seed Fund (MTSF), a West Midlands-focused venture capital fund managed by WM Enterprise, has invested an undisclosed sum into Celentyx Ltd, a pharmaceutical research and development company, in a round of seed funding. MTSF sourced the deal through its close relationship with the University of Birmingham, from which the business spun out in early 2007, and was attracted primarily to the company’s unique technology, which accesses the suitability of existing drugs to treat new illnesses and presents a potentially lucrative revenue stream that minimises the risks traditionally associated with pharmaceutical start-ups. The new capital, which includes a contribution from the University of Birmingham made through the Spinner Matched Investment Fund, will be used in on-going product development as well as to drive growth in the contract research arm of the business. The investors are intending to continue to support the business, with further funding rounds expected in the future.

Company

Celentyx was founded in March 2007 by Dr Nicolas Barnes and Professor John Gordon to commercially develop research from the University of Birmingham Medical School. The company uses Novel Clinical Identification Profiling (NCIP), a unique proprietary technology that uses clinically relevant human tissue and cells to access the potential for existing drugs to treat new illnesses. This process has already shown the potential for medicines such as Prozac and drugs used to treat Parkinson’s Disease as possible therapies for certain types of lymphoma and leukaemia and the company currently has two projects that are ready to enter phase II clinical trials. Celentyx is based at the Birmingham Research Park and currently employs one staff member with expansion plans post financing.

People

Dr Mark Payton led the investment for MTSF and will join the Celentyx board.

Advisers

Company - Martineau Johnson, (Legal)Equity - Mills and Reeves, Zickie Lim (Legal)

Sourced from: UK & Ireland unquote" 360 (Jan 2008)