FW Capital: Arcinova set to grow with £750,000 investment
Arcinova was established in September 2015 by highly experienced life science entrepreneurs Ian Shott and Paul Ryan. In February 2016, it acquired a modern 15,000 sq.m. pharmaceutical Research Centre, based on a 34-acre site in Alnwick, Northumberland, together with an excellent range of state of the art equipment, and commenced trading as a pharmaceutical contract research and development organisation.
Arcinova now services a range of international life science businesses, including large pharmaceutical companies, speciality pharmaceutical companies and biotech companies.
The loan supports Arcinova in its growth strategy of increasing capability and widening its range of services to include drug formulation and small volume active pharmaceutical ingredient (“API”) manufacturing. This will enable the company, which plans to increase employees from 63 to 94, to meet the ever more complex and growing needs of its customers.
Arcinova Finance Director Paul Ryan said: “It has been a pleasure working with the FW Capital team on this deal. The process from our first meeting to 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.”
Ian Shott, Arcinova’s Managing Director added: “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.”
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 North East Growth Plus Fund managed by FW Capital, was set up in 2010 to help established SMEs 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 over £68.7 million into the North East economy. In addition, the Fund has helped create 486 jobs and safeguarded 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 and also with the highly positive impact which the fund has had on the regional economy”.