A Nottingham company which has developed a new platform to help pharmaceutical firms manage clinical trials more effectively has raised almost £1 million to help bring its product to market.
Investment
Pharmaseal International secured the investment from the MEIF Proof of Concept & Early Stage Fund marking the second investment round for the company.
Pharmaseal’s clinical trials management system (CTMS) Engility is a software platform that allows pharmaceutical companies greater control over clinical trials and improved governance.
Daljit Cheema, CEO of PHARMASEAL said: “Pharmaseal aims to give customers increased control over their clinical trials and product development. This second round of investment demonstrates the confidence that investors have in our product and will enable us to scale up our commercial operations.”
Ashish Patel of Mercia Fund Managers, who manages the MEIF fund, said: “Gaining regulatory approval for new medicines or medical devices is extremely difficult, especially for smaller firms. Pharmaseal’s platform is accessible for companies of all sizes and should help them to bring products to market more quickly and at lower cost. Engility has already generated significant attention within the industry. This funding round will help the team to build on the initial interest and generate global sales.”