Alderley Park based agrochemical discovery company raises £1.5m
An Alderley Park-based agrochemical discovery company has raised £1.5m to advance its lead assets.
Redag Crop Protection has secured £1.5m in funding from existing shareholders which include institutional funds managed by Seneca Partners, and private individuals. Manchester-based corporate finance boutique Acceleris Capital arranged the funding.
Redag plans to advance its lead assets further and, by licensing these products for further development, bring innovative new products to customers seeking novel compounds to commercialise.
Bill Thompson, Redag Crop's chief executive, said: "Following a period of success in discovering active compounds, protecting the IP [intellectual property] and securing collaboration deals, this current fundraise enables us to accelerate development and address the global challenge of food security."
Norman Molyneux, founder of Acceleris Capital and non-executive director of Redag Crop, has been involved in multiple several funding rounds for the company since incorporation.
He said: "There is a clear product innovation requirement within the agrochemical industry and a ready base of customers seeking novel compounds to commercialise in the market. Following a successful period for Redag Crop, Acceleris are delighted to have arranged a further development fundraise for the company and we look forward to another period of growth for the company."