A Sunderland pharmaceutical firm has become the first company to benefit from a new fund to support small businesses across the North East.
The North East Development Capital Fund, supported by the European Regional Development Fund and managed by Maven Capital Partners, has completed its first deal with a £350,000 investment in Rokshaw Ltd.
Approved by the Medicines and Healthcare products Regulatory Agency, Rokshaw is a highly accredited Pharmaceutical Specials Manufacturer and NHS accredited Unlicensed Medicines Supplier.
‘Specials’ - bespoke medicines of prescribed drugs reformulated for the needs of small patient groups - play a vital role across the healthcare industry, advancing patient treatment, increasing compliance and improving patient outcomes.
One of the largest providers of ‘specials’ to independent pharmacies in the North East - the UK region with the highest demand for prescriptions of specials - Rokshaw can manufacture over 5,000 different formulations of drugs in a variety of dosage forms (such as creams, ointments, solutions and capsules) in its purpose-built, state-of-the-art laboratory.
Clients include hospitals, wholesalers, independent pharmacies and dispensing doctors across the UK with the company supplying 1,500 different pharmacies a month. The company will use funding to increase manufacturing efficiencies in addition to developing new products with longer shelf life.
Managing director Richard Hodgson said: “We are excited to have completed the deal which enables us to significantly strengthen and scale up our business with some highly innovative projects.
“We would like to thank Maven and NEDCF for the investment and also thank Sunderland Council as well as the University and College for all the ongoing support which has been fundamental in our success to date.”
Maven Investment Manager Michael Dickens said: “We are delighted to complete our first deal. Rokshaw has a strong market position and is at an exciting point in its development.”