Integrated drug formulation and clinical trials company, BDD, has secured a further £2m investment.
The funding will aid the company’s expansion in response to growing demand for both its patented drug delivery technology and specialist clinical trial services.
The funding round was led by existing investors including angel syndicate Archangels, Scottish Enterprise, and new investor British Business Bank.
The latest investment package follows a strong 18 months for the company, which more than doubled revenues in 2022 and has already secured substantial contracts with major pharma and biopharmaceutical companies for 2023 and 2024.
This investment will allow the business to increase its clinical capacity and expand capabilities to offer the sector the ease and convenience of a single point of contact for early phase formulation development and clinical evaluation.
Specifically, the company will now be able to deliver Phase I First in Human trials of novel medicines, enabling comprehensive and phase appropriate development and clinical testing to help clients to bring innovative medicines more quickly to market.
BDD is based in Glasgow and Newhouse BioCity Scotland and is a privately owned, globally recognised drug development business.
Led by CEO Dr Carol Thomson, BDD Pharma was established in 2000 and since then has provided expertise in early phase clinical research for the pharmaceutical industry using gamma scintigraphic imaging techniques.
Thomson said: “More and more we are talking with companies who are developing the most exciting ground-breaking new medicines, but their path to market is being hampered by traditionally slow and costly development processes.
“We have always prided ourselves in working collaboratively with our clients to provide phase appropriate development, manufacturing and clinical testing services.
“This investment allows us to further expand on these services, enabling our clients to fast-track their drug product development.”
Dr Sarah Hardy at Archangel Investors said: “BDD is an excellent example of an ambitious and innovative Scottish life science company with global reach. Its patented timed-release technology, alongside world-class clinical trial services offering, created a compelling proposition for the pharma industry.
“Building on a successful 18 months after the challenges of the pandemic, the company is well poised to pursue its growth strategy. We’re excited by what the future holds for BDD and looking forward to supporting Carol and the team.”
Gamma scintigraphy is a medical imaging technique that uses small amounts of radioactive materials and a special camera to create pictures of exactly how a drug product performs in the body.
BDD’s patented oral drug delivery technology, OralogiK enables the timed release of active pharmaceutical ingredients tailored to specific modified-release needs, including sustained, delayed, multiple pulse, and site-targeted release.
BDD currently supports innovators across the globe and works with a range of clients from the biggest pharmaceutical companies to innovative biotech startups, all with the common goal of bringing novel treatments to market more quickly.
Founded in 1992, Archangels is a leading business angel syndicate investing in early-stage Scottish life sciences and technology companies. There are currently 21 companies within the portfolio.