Pharmaceutical Profiles, the Ruddington-based early phase development company has secured a major new funding facility to allow it to finance its next phase of growth.
The company, which was a finalist in the Nottinghamshire Company of the Year in 1998, has enjoyed sustained growth in recent years and is now looking to enter into a new area of operations.
Advised by Clearwater Corporate Finance’s (CLEARWATER) Nottingham office, the company has secured the facilities from the Bank of Scotland’s Nottingham based structured finance team.
Currently the company’s services focus principally on analysing the performance characteristics of a particular drug. Now, the Bank of Scotland has made available substantial funding to enable the company to finance the acquisition of new technology in the field of drug delivery.
The proposed acquisition and development of drug delivery technology will enable them to offer solutions to customers that will improve a drug’s performance. These solutions can offer various methods of altering the way in which a drug is delivered and absorbed into the body. The company believes that it can then grow even more substantially by establishing their own ‘technology toolbox’ to provide clients with tailored drug delivery solutions.
Drug delivery technology is a rapidly growing area of pharmaceutical research and is seen as vital by drug companies who are constantly looking to prolong the lifespan of their medicines. The world market for drug delivery technology is forecast to be worth $29 billion in 2004. In addition, by 2005, patents will have expired on 17 of today’s top 20 drugs, which together have combined annual sales in excess of $50 billion.
Pharmaceutical Profiles can genuinely call itself a world leader in the field of drug research and this new technology initiative should help to ensure its prospects continue to flourish in the coming years.
Ian Wilding, chairman of Pharmaceutical Profiles said, “We are pleased to be working with the Midlands Structured Finance team from the Bank of Scotland in the establishment of our product development toolbox to ease current challenges in the pharmaceutical industry.”
James Ward, assistant director at CLEARWATER commented, “Pharmaceutical Profiles is an exciting high growth company and we are delighted to have helped them secure the funding for their next phase of development. Opportunities in the drug delivery arena are substantial and the company is now perfectly placed to exploit them.”
Jamie Stuart, associate director of the Bank of Scotland’s structured finance team added, “The management team at Pharmaceutical Profiles combine the skills of world leading academic scientists, with those of seasoned businessmen. The industry they are in is not often talked about or recognised, yet without this key research life-changing medication may never see the light of day.”
DLA’s Birmingham office provided legal advice to the company.
Pharmaceutical Profiles already employs 100 people at its Ruddington Fields site and benefits from the services of large numbers of healthy volunteers from across the East Midlands to assist them in their studies.