21/02/2017

Arcinova set to grow with £750,000 investment

Alnwick-based independent pharmaceutical contract research and development business Arcinova is set to grow thanks to a £750,000 loan from the North East Growth Plus Fund, managed by FW Capital.

Arcinova was established in September 2015 by experienced life science entrepreneurs Ian Shott and Paul Ryan. The company services a range of international life science businesses, including large pharmaceutical companies, speciality pharmaceutical companies and biotech companies. 

Ian Shott, Arcinova’s Managing Director said: “This funding will help us deliver our plans for significant growth as we aim to offer best in class technology services for contract research, development and small scale manufacturing of drug substance from one location in Northumberland to help our UK and international customers progress their projects through the drug development process efficiently and with minimum risk.”

Arcinova Finance Director Paul Ryan added: “It has been a pleasure working with the FW Capital team on this deal. The process from our first meeting to a credit approved offer in less than eight weeks was very efficient as the FW team achieved a good understanding of our business and plans quickly.”

FW Capital Investment Executive Keith Charlton said: “The new medicine development and delivery sector is large and experiencing strong growth, our investment in Arcinova will be instrumental in enabling it to take advantage of this growth opportunity and to create highly-skilled jobs which will greatly benefit the region.

“We are pleased to be working with yet another ambitious North East company, driven by an impressive and highly experienced management team with a proven track record of working together and successfully growing a business in this sector.
 
The business, which currently employs 63 staff, plans to hire an additional 31 employees following the investment.

The North East Growth Plus Fund, one of a number of funds managed by FW Capital, was set up in 2010 to help established small to medium-sized enterprises make a step-change in their business.

Through the fund FW Capital has invested £24.4 million investment in 41 regional businesses and has successfully leveraged an additional £44.3 million of private investment, thus injecting a total of £68.7 million into the North East economy. The Fund has also helped to create 486 jobs, safeguarding a further 699 jobs.

Joanne Whitfield, FW Capital’s Fund Manager in the North East, said: “We are delighted at being able to invest in a company of Arcinova’s quality. Their expansion will have a significant positive impact on the area and shows how much of a benefit the Fund has been for the regional economy.”

North East Growth Plus Fund