Pharmaseal International, a Nottingham, UK-based company which has developed a platform to allow pharmaceutical firms to manage clinical trials more effectively, raised almost £1m in funding.
Backers included the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Fund Managers and part of the Midlands Engine Investment Fund. Mercia also contributed its own capital alongside angel investors.
The company, which had already raised £500k from Mercia and angel investors in January 2018, intends to use the funds to enhance the platform with additional features and launch its product worldwide.
Established in 2016 and led by Daljit Cheema, CEO, and Neil Rotherham, Chairman, Pharmaseal International provides Engility™ CTMS (clinical trials management system), a next-generation platform that allows pharmaceutical companies to have control over clinical trials and improved governance.
Engility is the first of a series of products which the company plans to develop for the pharma and medical device industry.
As part of the deal, Ian Jennings, another senior pharma IT executive, will join the board as a non-executive director.