Drug discovery company e-therapeutics is looking to accelerate the next stage of its growth on the back of a £13.5m fundraise.
The company, a Newcastle University spin-out with bases in Newcastle and Oxford, uses biological data to discover life-transforming medicines. Earlier this year it told investors that it enjoyed a “landmark year” by progressing a number of its research and development programmes.
Now the company has announced a fundraise of £13.5m through a subscription for new ordinary shares by funds managed by M&G Investment Management Limited, an institutional investor and an existing shareholder of the company. The firm said the fundraise will provide it with the opportunity to ramp up growth through a number of new initiatives, including the creation of a new template for drug discovery. It said new initiatives to accelerate growth will also see it create new jobs.
