PHARMASEAL closes £1m funding round for new CTMS software
A Nottingham company which has developed a new platform to help pharmaceutical firms manage clinical trials more effectively has raised almost £1m from investors to help it launch its product worldwide.
PHARMASEAL International secured the investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Fund Managers and part of the Midlands Engine Investment Fund. Mercia also contributed its own capital alongside angel investors.
This new investment marks the second investment round for the company, which raised £500,000 from Mercia and angel investors in January 2018.
PHARMASEAL’s software, Engility™ CTMS (clinical trials management system), is a next-generation platform that allows pharmaceutical companies greater control over clinical trials and improved governance. The firm is to use the latest finance injection to enhance the platform with additional features, while also stepping up its international sales and marketing activities.
Engility is the first of a series of products which PHARMASEAL plans to develop for the pharma and medical device industry. Established in 2016, the firm is led by industry veterans Daljit Cheema, the CEO, and Neil Rotherham, the Chairman. As part of the deal, Ian Jennings, another senior pharma IT executive, will join the board as a non-executive director.
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, 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.”
M&R provided legal advice to Mercia on the investment. The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.