Aquapharm Biodiscovery, an Oban, UK-based marine biotechnology company, closed a £4.2m investment from existing investors Aescap Venture, Tate & Lyle Ventures, Highlands and Islands Enterprise and NESTA.
In conjunction whit the round, the company has appointed the biotech entrepreneur Simon Best as CEO.
Current CEO and founder Andrew Mearns Spragg will take up the role of Chief Technical Officer.
The capital infusion will be used to further develop and commercialise Aquapharm’s product portfolio produced from over 7,250 marine micro-organisms. Natural products from this source are already being exploited commercially with major partners in the personal care and pharmaceutical fields. New collaborations in further applications such as nutrition are also in the pipeline.
Over the next year, Aquapharm will also use the new funding to build a large marine derived compound library containing small molecule and peptide compounds with the size and structural characteristics of potential new drugs, principally in the anti-microbial field.