eligibility checklist

Funds Available

View the full list of funds available

Read more
eligibility checklist

What type of finance do I need?

Our online eligibility checklist helps you see which type of finance might be right for your business.

Read more
20 May 2015

Redag off to flying start with major R&D deal

Press Release 20th May 2015

Redag Crop Protection - the Cheshire-based discovery business - has signed a major R&D agreement with one of the top ten players in the agrochemical market to collaborate on the
development of new pesticides.

Redag Crop Protection will give exclusive access to two of its areas of chemistry and will apply its Redox SwitchTM methodology to create compounds with the potential to become new products. In return, Redag will receive multiple six-figure payments. Ultimately Redag will enter into a development agreement with its partner for some of these compounds in exchange for multi-million milestone payments and royalties on sales.

The deal comes less than nine months after Redag demerged from its parent company Redx Pharma and moved into new premises in Alderley Park with backing from The North West Fund for Venture Capital, existing Redx shareholders and new private investors in a transaction which was coordinated by Acceleris Capital.

Redag's Redox Switch™ platform allows it to adapt existing crop protection products to create novel compounds, allowing it to generate a pipeline of potential new products at much lower cost than by traditional methods.

Bill Thompson, CEO of Redag Crop Protection, commented: "Following the fundraising in October 2014 we have established our chemistry team in Alderley Park, Cheshire and continued to develop our science. Having successfully demonstrated the technical proof of our approach to key companies in the industry, this first collaboration underlines that commercial value.

"Both parties to the agreement see this as a first step in a long-term relationship. It is a significant milestone in our progress and reinforces Redag's position as the engine of discovery in the crop protection market."

Norman Molyneux, chief executive officer of Acceleris Capital, which led the fundraising package, said: "We are delighted with the progress made by Bill and his team since we completed the fundraising in October 2014. Having created new high value jobs in the North West and secured the first of hopefully several commercial projects, we look forward to further progress in the future."

Doug Stellman of Enterprise Ventures, which manages The North West Fund for Venture Capital, said: "We are very pleased to see Redag Crop Protection has rapidly established itself at Alderley Park and successfully recruited a high-calibre research team. The benefits are already beginning to appear with the development of further novel chemistries."

Acceleris Capital is a Seneca group company which specialises in advising and raising funds for SME's.

The North West Fund for Venture Capital is part of the £155m North West Fund and is financed jointly by the European Regional Development Fund and the European Investment Bank.

 

 


Back to article list