Pharmaseal International, a Nottingham, UK-based clinical trials software company, secured £500k in equity funding.
Backers included Mercia Fund Managers and angel investors. In conjunction withe the funding, Dr Neil Rotherham, the founder and ex-CEO of ClinPhone which was sold to PAREXEL in 2008, has joined Pharmaseal as Chairman.
Established in 2016 by Daljit Cheema (Nottingham) and Sara Rutner (who leads its office in New Jersey which is targeting the US market), Pharmaseal International is developing cloud software to allow pharmaceutical companies to manage clinical trials effectively.
The two founders have already developed a prototype product and the funding will allow them to roll out their first module – a trial management platform that allows clinical trial operators to manage and monitor their clinical trials in accordance with good clinical practice (GCP) regulatory standards.
The software is designed for the global pharmaceutical SME market and the team is also planning to release two further modules – a patient safety tool to identify any adverse outcomes during clinical trials, and a licence and regulatory management tool allowing pharma companies to submit audit data to regulatory authorities.