London, UK, 25 March 2013: SEEK, a privately-owned UK drug discovery group, announces today that its first spin-out, infirst HEALTHCARE, a consumer healthcare company commercialising unique, fast-to-market medicines, has successfully raised £25 million of new funds. The funding, from Invesco Asset Management managed funds, will be used for the launch of infirst’s medicines into the US$ 20 billion cough & cold and pain consumer healthcare markets where there has been little innovation for decades.
SEEK’s strategy is to bring safe and low cost medicines, where it can, to patients as quickly as possible. It does this in a number of ways: by modifying existing medicines to improve their efficacy within current label, dose and regime, which is the strategy that infirst is pursuing; by changing the indication but keeping the dose and dosing regime the same; or by creating a new chemical entity (NCE) when the previous options are unavailable. SEEK has developed a pipeline of NCEs which includes an HIV monoclonal antibody as well as HIV and Flu vaccines.
SEEK progresses its products to the stage of commercialisation, recruits specialised leading industry management to run the particular business activity and then spins-out the entity with separate funding to realise its potential.
The next company in SEEK’s portfolio is focused on establishing international private healthcare clinics specialising in treating patients in the cancer, diabetes and transplantation fields.
Commenting on today’s announcement, Gregory Stoloff, CEO of SEEK, said: “This significant funding for our first spin-out company, infirst HEALTHCARE, validates SEEK’s strategy to bring safe, effective and affordable treatments to patients. We are building a portfolio of companies that are focused on treating major diseases in a safe and cost effective way.”
For more information please contact:
Gregory Stoloff, CEO, SEEK Tel +44 (0)20 7153 6570
Mary Clark / Amber Bielecka / Hollie Vile Tel +44 (0)20 7920 2330
Founded in 2004, SEEK (previously known as PepTcell) is privately-owned and funded, with headquarters in London, UK. Using a pioneering scientific and commercially-driven approach, SEEK aims to create breakthrough medicines which address major diseases in order to radically improve human health. SEEK’s strategy is to take promising molecules through the challenging stages of discovery to late-stage human proof-of-principle and then to seek partners to take the molecules through the final stages of development and ultimately commercialisation.
Additional information about SEEK and infirst HEALTHCARE is available on the Company’s website located at www.seekacure.com
About infirst HEALTHCARE
infirst HEALTHCARE is a new consumer healthcare company focused on improving well established drugs with IP protected solutions for the OTC/Primary care market which can be launched within 12-36 months. infirst HEALTHCARE is a spin-out from SEEK, a UK privately-owned drug discovery group which uses its intellectual property to create breakthrough medicines addressing major diseases, bringing radical improvements to human health.