Small Pharma, a London, UK-based pharmaceutical startup, raised £970k in total funding.
The funding includes:
– £830k in a funding round led by Chris Torrance, co-founder of Horizon Discovery and PhoreMost (who has also joined the board), with participation from the Angel CoFund, pharma sector experts and investors Steve Harris, David Ebsworth and Peter Keen, and Secret Escapes co-founder, Tom Valentine as well as 63 additional angels via a campaign on SyndicateRoom, and
– a £140k grant from Innovate UK.
The company will use the funds for the development of a rapid-acting drug for patients experiencing severe depression, to formulate its novel drug product and prepare for proof-of-concept clinical trials.
Founded in 2015 by Peter Rands, Small Pharma focuses on low-cost pharmaceutical product development and has a unique model for selecting and executing projects centred on detailed intellectual property (IP) strategy. The funding will support its latest project as it develops an antidepressant based on a derivative of ketamine.
Clinical trials have demonstrated a potent antidepressant effect using intravenous infusions of ketamine.