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15 October 2012

The North West Fund for Biomedical invests £50k in online clinical research portal

Press Release 15th October 2012

A Warrington-based clinical research resources website has been awarded £50,000 to further develop its services.

Redtree People, the brand owned by Redtree Systems Ltd, has received the 'pathfinder' investment from the £25m North West Fund for Biomedical, managed by SPARK Impact.

The North West Fund for Biomedical is a sub-fund of the £170m North West Fund that is jointly financed by the European Regional Development Fund (ERDF) and the European Investment Bank (EIB).

www.redtreepeople.com is a global marketplace connecting clinicalresearch professionals, pharmaceutical companies and contract research organisations (CROs).

The online portal means that clinical research professionals can network and market their skills and availability for employment and organisations can search, select and place candidates in roles.

Andrew Baillie, CEO and founder of Redtree, said: "We are delighted to be awarded the 'pathfinder' funding from SPARK Impact as this will provide us with the investment to refine our service offers to clinical research candidates and sponsor hiring organisations.

By offering an enhanced service to both the supply and demand sides of the marketplace we hope to create a more effective method of resourcing for the sector."

Dr Penny Attridge, senior investment director at SPARK Impact, said: "We recognise that resourcing key skills in a timely and efficient manner remains a key challenge for organisations involved in drug development and clinical trials.

"The Redtree model is unique and will provide great benefits improving current practices whilst producing cost savings for businesses."

To date, the Biomedical sub-fund has received more than 200 applications for funding and continues to receive a high volume of good quality investment opportunities.

Redtree is the 15th pathfinder investment for The North West Fund for Biomedical.



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