Finance Wales backs £500,000 funding round for Dee Pharmaceuticals

27/02/08

Finance Wales has backed a £500,000 fundraising round for Dee Pharmaceuticals (“Dee”).

Dee, based in Wrexham, North Wales, specialises in the sale and marketing of branded prescription pharmaceuticals with particular focus on the misuse of substances of abuse market.

Finance Wales, a provider of commercial funding to SMEs in Wales, backed the deal with a £500,000 equity investment. Paul Lee, Investment Manager, said: “Dee Pharmaceuticals was an attractive investment opportunity for us incorporating a strong and focussed management team with previous experience in this sector. We were impressed by their track record and the evident market drivers supporting their growth strategy”.

Mark Keeling, Managing Director and Philip Longworth, Commercial Director, founders of Dee, have 35 years’ combined experience in the pharmaceutical industry. Dee is addressing a market that is at the forefront of Government policy and one that has had very little investment or focus from the pharmaceutical industry to date.

Dee’s principal product is an oral solution of methadone hydrochloride used to treat opioid drug addiction and as an analgesic for moderate to severe pain. The product has a number of distinct advantages over existing products used to treat opioid addiction.

Mark Keeling said: “We are very excited about the future of Dee, both Philip and I have worked extremely hard researching the market and working with primary and secondary healthcare professionals promoting the awareness of our product and its benefits. The investment from Finance Wales gives us the opportunity to exploit the growing market in the UK and build a successful niche pharmaceutical company in Wales."