PMC Pharmaceuticals Will Use Six-Figure Financing To Create 25 British Jobs

PMC Pharmaceuticals Will Use Six-Figure Financing To Create 25 British Jobs

November 26, 2014

By Riley McDermid, BioSpace.com Breaking News Editor

British drug wholesaler PMC Pharmaceuticals has received an undisclosed, six-figure funding round which it said Friday it will use to create 25 jobs in Northeast England over the next two years.

The funding was provided by the North East Growth Plus Fund, which provides debt, mezzanine and equity investments of between £350,000 and £1.25 million, and venture capital shop FW Capital.

“Securing this level of funding has enabled us to commence trading with state-of-the-art software and distribution systems,” said sales director Paul McCourt in a statement. “We expect to create 25 jobs in the next couple of years and deliver a level of service to our customers that will make us their automatic first choice regional supplier.”

The Cramlington, U.K.-based company focuses on wholesaling drugs and currently works primarily out of its headquarters on the South Nelson Industrial Estate.

The company said that firm executives Paul McCourt and Paul Healey approached financial advisory firm UNW for help on putting the deal together. They had used UNW in the past for various financing, acquisitions and tax advice in relation to previous companies.

“We produced a financial model and approached various potential funders that we highlighted as relevant from our extensive network,” said UNW senior corporate finance manager Mark Simpson, who worked on the deal with executive Leon Cassidy. “Once we had received offers of funding we selected FW Capital as their team demonstrated a good knowledge of the sector, which meant they understood this business really well and they structured investment to facilitate our growths plans.”

The NEGPF is part of £142m umbrella organization Finance for Business North East, which is backed by the European Investment Bank and European Regional Development Fund.

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