VCT News
Beringea invests in PolyTherics
August 30, 2011 — Beringea, manager of the ProVen VCTs, today announced that it has invested £750,000 into PolyTherics Limited ("PolyTherics"), a solution provider to biopharmaceutical companies, for the improvement of protein and peptide based drugs, alongside existing investors Imperial Innovation and The Capital Fund. The total round was £2.15 million.
The funds will be used to apply the company's proprietary polymer-protein conjugation technologies to an expanding range of proteins and peptides and to pursue new applications of these technologies.
Commenting on the deal, Stephane Mery, Beringea Investment Director, said: "PolyTherics Limited is one of the leaders in the biopharmaceutical industry and this is an exciting opportunity to be involved in the development and growth of this business".
Commenting on the funding, John Burt, Chief Executive Officer of PolyTherics, said: "Having recently taken up the reins at PolyTherics, I am delighted to have successfully completed this fundraising to provide a platform for the company's further growth. Applying our linker chemistry to novel biomolecules at an early stage can improve their properties so development can proceed with greater confidence that their biological properties will translate into therapeutic benefit."
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.