CORE Technologies, an Ayrshire pharmaceutical company specialising in
drug delivery products, has attracted #1.3m in venture capital as it
finalises clinical tests on both sides of the Atlantic.
Founded three years ago, Core has developed and patented a hydrogel
polymer substance which allows far greater precision in the non-oral
administration of a wide range of medicines.
The development, currently undergoing the regulatory hospital tests,
has attracted the attention of financial institutions which see a
potentially vast business market as increasingly sophisticated drugs are
produced.
Venture capital group 3i, Prelude Technology Investment, Scottish
Enterprise, and an American institition have backed the company which
was founded in 1991 by Jim Pickard.
''This money should keep us on course for the launch of our first
hydrogel products in Europe before the end of 1996,'' Mr Pickard, a
research pharmacist, said yesterday.
Like most new hi-tech companies, Core needs substantial injections of
working capital to keep the business ticking over until the fruits of
its research pass the stringent clinical controls.
''At the moment we are doing hospital tests with our products which
basically offer a far more sophisticated way of the controlled release
of drugs than currently given by the standard pessaries and
suppositories,'' he said.
By absorbing body fluid at a pre-fixed rate, the devices are ideal for
certain types of drugs and for use by people who cannot take medicines
orally. An anti-fungal vaginal pessary and a morphine-based rectal
suppository for cancer patients are the two main products being
currently researched.
Core, with six full-time staff and only a nominal turnover, hopes to
employ about 50 people within the next four years as demand increases
and Mr Pickard foresees a listing on the Stock Exchange next year to
raise more capital.
3i has a good record in backing innovative companies and Hazel
Leishman of the group's Edinburgh office is confident that the #250,000
equity funding will pay off.
''We see Core Technologies as having a technological edge in what
could be a vast market in healthcare and another tranche of capital
funding from us is likely in the future,'' she said.
The American backer, Calvert Social Venture Partners, is to manage
selected clinical studies.
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