A DERBY pharmaceutical company has had a £5 million injection of fresh capital after securing the backing of a global investment giant.
Oxford Pharmascience, in Chellaston, has been given funding to develop innovative ways of administering drugs.
Invesco Asset Management has lent its support after a successful 2012 saw sales growth in Brazil and a licensing agreement with drugs giant Bayer. Other highlights saw an agreement with Hermes Pharma for its ibuprofen granules and work with a major company on developing OXPzero, a product that masks the taste of drugs.
The company, listed on the Alternative Investment Market, reported revenues of £466,000, an increase of 65% on 2011. With capital being pumped into developing and marketing new technologies, the company posted a loss of £783,000 for 2012, 15% lower than the previous year.
Chief executive Nigel Theobald said: "We are delighted to have extra funding and getting Invesco Asset Management on board gives us a stronger balance sheet, helps our credibility and will enable us to make better commercial deals."
Oxford Pharmascience is based at Weston House, Bradgate View, Chellaston. Technical development is carried out in Oxford and outsourced at several sites.
The first of the company's products to hit the shelves is a chocolate-flavoured calcium chew which, after being licensed in 2011, is generating improved sales in Brazil.
Mr Theobald said: "We are very excited about the prospects for our platform technologies and are looking to continue our recent growth in the coming years."
The company has also developed OXPtarget, a formula that allows drugs to be released in the body with more accuracy. This technology has brought a link-up with University College London's School of Pharmacy to develop a new form of statin – a family of drugs used to fight cardiovascular disease. With a better delivery system, it is hoped lower doses will have the benefits of higher doses without the side effects. The new investment will speed up development programme.