A company with Noble Prize winning technology has received £2m of backing to continue its development in the rapidly expanding biotech and life sciences market.
Sirigen has been backed by Seraphim Capital, a £30m Enterprise Capital Fund, as well as Oxford Capital Partners.
Sirigen’s technology is based on a novel form of conducting polymers or plastics, developed at the University of California in Santa Barbara, which won the scientists involved the world-renowned prize for chemistry in 2000.
Sirigen has the exclusive rights to use this revolutionary technology in biological assays with a specific focus on diagnostic and other healthcare applications.
The £2m investment will enable Sirigen to continue to exploit its technology across the $47bn biomedical industry.
Sirigen is led by its chief executive officer Nick Kerton who previously was a member of the team which founded Celsis International – one of the first biotech companies ever to float on the London Stock Exchange.
As part of the Seraphim investment, Drummond Paris will be joining the board as non-executive chairman. Drummond brings with him over 25 years experience of the pharmaceutical industry as the ex-CEO and President of Novartis UK and ex-Global Head of Novartis’ Immunology Business.
Nick Kerton, chief executive officer of Sirigen, said: “This investment marks an exciting stage in Sirigen’s evolution.
“With the support of Seraphim and Oxford Capital, the Company is now very well positioned to become a major force in the biomedical industry.
“By introducing us to Drummond Paris, Seraphim have shown their commitment to helping the company to grow. Drummond’s input and industry contacts will prove invaluable as the company continues to grow.”
The company was advised on the deal by the law firm KL Gates.
© Crimson Business Ltd. 2008
