Biotech firm Valitacell secures €1.3m funding
Irish biotech firm Valitacell has raised €1.3m from investors. The funds have been advanced by one of its directors, former Elan executive Peter Thornton.
Valitacell is headed by chief executive Terry McWade, who's also a director of the National Treatment Purchase Fund. Launched in 2014, the company provides analytical support for the biopharmaceutical sector.
It helps companies to improve the efficiency and performance of a cell development process that is crucial in the manufacture of monoclonal antibody drugs.
Valitacell was founded by Jerry Clifford, and was spun out of another company called Technopath, where he was commercial director. The recent fundraising by Valitacell included €74,000 that was provided by Mr Thornton, who is chief financial officer at the firm.
He was previously a senior vice president for corporate and business development at Elan.
The remainder of the almost €1.3m financing was secured from a number of British Virgin Islands firms.