RISINGSTARS II INVESTS IN CHROMATIDE LIMITED
5 June 2007
RisingStars Growth Fund II, the early stage technology fund managed by Enterprise Ventures, is delighted to announce it has completed an investment in Chromatide Limited.
Chromatide was founded in 2005 by Dr Don Wellings, former Technology Manager at Polymer Laboratories and Dr Saeed Gulzar, formerly Custom Peptide Synthesis Manager at Avecia/Zeneca. Chromatide provides specialised products and services to a broad spectrum of the chemicals and pharmaceuticals industry.
Chromatide's intellectual property will be licensed out in a number of different fields and its proprietary products use commodity products from an unrelated industry, providing cost effective solutions to several industry issues.
Don Wellings, CSO, said, "My idea to use a common domestic product in a scientific application results from a little observation and the ability to think laterally. The resultant IP underpins a number of commercial opportunities. At Chromatide, we have a broad and varied range of expertise, and we are already using this to develop additional new technologies in the areas of polymer synthesis and instrument design".
Mark Wyatt, Investment Director at EV said, "Don and Saeed have many years of experience in blue chip organisations, and they are well networked and regarded within the peptide and chromatography community. We are excited to be working alongside them to develop Chromatide and to help to bring to market the proprietary technologies that are currently under development".
Rayna Dean, Chairman of Chromatide, who was introduced to the company by Enterprise Ventures, commented, "It is a pleasure to be involved with a company which applies such lateral thinking to its inventiveness. I am sure Chromatide's exciting discoveries will enable it to deliver both value to its investors and benefits to the pharmaceutical and related industries."
RisingStars Growth Fund II provides early stage technology funding, inclusing proof of concept and pre-revenue stage, to companies located throughout the UK, with a particular focus on the North of England, which includes the North East, Yorkshire & Humberside and North West regions.
RisingStars Growth Fund II received loegal advice from Stuart Scott-Goldstone at Laytons, Manchester, whilst the company received legal advice by Anoushka Nanji of Halliwells, Manchester.
ENDS