Unilever spin-out raises £7.1M in first round funding

First-round funding

PharmaKodex Ltd, a drug delivery company specialising in the development of improved formulations of marketed drugs, has raised £7.1 million in its first round funding.

The deal was co-led by Apposite Capital and SR One (the venture capital arm of GlaxoSmithKline), both of London, while the founding investors Unilever Ventures and Vectura Group plc followed on.

PharmaKodex, based in Chippenham, UK, will use the funds to further accelerate development of its pipeline of orally and transdermally delivered products.

The company was spun out from the pulmonary drug delivery specialist Vectura Group plc and Unilever Ventures Ltd in May 2006 to exploit proprietary formulation and delivery technologies that were languishing undeveloped by both parents. In the case of Vectura the technologies originated at the University of Bath.

PharmaKodex’s current development pipeline includes seven prescription therapies and a number of over-the-counter products.  These are mainly for treating pain and neurological conditions.