RISINGSTARS GROWTH FUND COMPLETES FOLLON ON INVESTMENT IN PECKFORTON PHARMACEUTICALS LIMITED
18 February 2008
RisingStars Growth Fund, managed by Enterprise Ventures, the North of England based venture capital and private equity fund manager, has completed a follow on investment in Peckforton Pharmaceuticals Limited.
Peckforton is a speciality pharmaceutical business, focusing on niche hospital injectable products. The company has a range of products developed and selling into the NHS along with a substantial pipeline of products in registration.
The investment was made alongside the Coalfields Enterprise Fund, also managed by Enterprise Ventures, as part of a total funding package of £1.2 million, and will support the further expansion of the business.
Dr Brian Dickson, Chairman of Peckforton and ex-Senior Vice President, Worldwide Clinical Development at Warner Lambert Parke Davis, said, "RisingStars Growth Fund supported our company in the early stage development and I am delighted that they have participated in this additional round of funding. The investment team at Enterprise Ventures has consistently delivered positive results and we are excited with the growth prospects for the company".
Dr Mark Wyatt, Enterprise Ventures Investment Director for the RisingStars Growth Fund, commented, "Peckforton has successfully implemented its business model, going from project identification, through the registration process, to winning tenders and growing sales. With this next phase of investment, the company will be able to expand and accelerate the development of its product portfolio".
Richard Bamford, Executive Chairman of Enterprise Ventures, said, "Enterprise Ventures is delighted to be able to provide further funding and expertise to Peckforton, which we believe has great potential in the UK hospital injectables market, where value for money is key".