Prosonix Ltd (United Kingdom) - Nov 2007

unquote
01 November 2007

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Solon Ventures Ltd has led a £5m expansion funding round for biotechnology company Prosonix Ltd, alongside contributions from The Entrepreneurs Fund BV, Quest for Growth and the company’s existing investors. Solon was attracted to the deal, which was sourced through corporate finance firm FirstCapital, by both the company’s unique technological approach and the impressive management team. The new capital will be used to continue the organic growth of the business through an expansion of its facilities.

Company

Oxford-based Prosonix is a specialist provider of proprietary ultrasonic process solutions to customers in both the pharmaceuticals and chemicals industries. Its primary product, ProsonitronTM, is designed to facilitate the control of complex pharmaceutical crystallisation processes, including control of crystal maze, shape and purity, and the selective production of polymorphs, enhancing both manufacturing productivity and ultimate formulation performance. Prosonix has also recently launched a new and award-winning sonocrystallisation development, SAXTM, a novel ultrasonic particle engineering and drug delivery technology. SAXTM is capable of producing single and combination microcrystalline drug particles, which are designed for inhalation, without the need for destructive milling or micronisation processes. This improves the stability, formulation consistency and, potentially, efficacy per unit dose compared with particles generated through other techniques. The company spun out of AEA Technology in October 2005 as part of Accentus and was established as an independent entity in January 2006.

People

Angus Whiteley led the investment for Solon Ventures and will join the Prosonix board. David Hipkiss is the CEO of the company.

Advisers

Company - FirstCapital, Hazel Moore (Corporate Finance)Company - Taylor Wessing, David Mardle (Legal)Equity - Taylor Vinters, John Short (Legal)

Sourced from: UK & Ireland unquote" 361 (Jan 2008)