Redag Crop Protection, the UK-based agrochemical arm of biotech business Redx Pharma, has demerged from its parent company after securing a seven-figure investment.
The new company will operate from laboratories in Alderley Park, Cheshire and will create 20 scientific research posts in its first three years of operation.
The demerger has been facilitated by a substantial fundraising package arranged by Acceleris Capital with the North West Fund for Venture Capital, which is managed by Enterprise Ventures, investing alongside existing Redx shareholders and new private investors.
Established two years ago as a subsidiary of Redx under the leadership of Bill Thompson, who now becomes CEO of the newly demerged business, Redag will focus on developing products for the global agrochemical market, which is worth some £50 billion a year, in particular new fungicides, herbicides, insecticides and nematicides – products which allow for controlling the pests and diseases that threaten the global food supply.
Redag uses the Redox Switch™ platform to adapt existing crop protection products to create novel intellectual property. It aims to achieve revenues by entering into licensing and development agreements with agrochemicals companies for the most promising compounds.