PharmaKodex Ltd, a specialty pharmaceuticals company developing improved proprietary formulations of established therapeutics, announced today the completion of a Series A equity financing, raising £7.1 million ($13.5 million).

The deal was co-led by London-based Apposite Capital and SR One (USA and UK), the venture capital arm of GSK, one of the world’s leading research-based pharmaceutical and healthcare companies. Existing investors Unilever Ventures and Vectura Group plc also participated in the financing. PharmaKodex will use the funds to further accelerate development of its pipeline of oral and transdermal pharmaceutical products through clinical studies to achieve clear patient benefits.

PharmaKodex was spun out from Vectura Group plc and Unilever Ventures Ltd in May 2006 to exploit proprietary formulation and delivery product assets from both parents. The Company’s product portfolio focuses on improving existing drugs to provide faster acting, more convenient or more effective products as well as synergistic combinations, protected by strong intellectual property. The current development pipeline includes seven prescription therapies in addition to selected consumer healthcare products. The products address pain and neurological conditions, both markets with large and unmet need.

Rod Richards, Chief Executive Officer of PharmaKodex, commented:

“We are delighted to have completed this financing round with leading, experienced international healthcare investors. Since the spin out of PharmaKodex in May this year we have made rapid progress in establishing and advancing our pipeline in our aim to provide improved patient benefits in areas of significant unmet medical need. We believe our model of pursuing a targeted portfolio of prescription products allied to a small number of complementary OTC programmes offers a lower-risk yet attractive return for investors.”

Dr Allan Marchington, General Partner at Apposite Capital, said:

“We are excited to be making this investment in PharmaKodex. Linked to its product portfolio the Company has a strong platform technology base which has been developed by our partners, Unilever and Vectura, over several years. In addition, the Company has a high quality, experienced management team which during the short time since the company’s formation has made excellent technical and commercial progress. We are pleased that the company now has the financial resources to build on this success.”

Dr Deborah Harland, Principal at SR One, added:

“PharmaKodex represents a high quality investment opportunity backed by experienced, focused management with a track record of technology innovation in formulation and drug delivery creating marketed products. We look forward to working with the team to build PharmaKodex into a business of significant value.”


Following the closing of the Series A financing, Dr Allan Marchington and Dr Deborah Harland have joined the Board of PharmaKodex as representatives for Apposite Capital and SR One respectively.

ENDS.