Investment boosts SpheriTech’s growth

01-07-2010: SpheriTech received a six-figure investment has come from a financial backer who wishes to remain anonymous. The investor has taken a 20% holding in SpheriTech. Launched as a one-man operation by founder and chief executive Don Wellings, the company has already used the new investment to employ a specialist member of staff, with a third team member due to join in early 2010. The funds will also significantly enhance the business’s efforts to secure additional finance.

Don explained: “The investment has enabled me to strengthen the team at SpheriTech but also allows me to apply for government funding, such as through loans or research grants. For a company like ours to get off the ground, it’s absolutely essential to secure government finance.”

Don added: “The investment has allowed improvements including the redesign of the company’s website and will play a key part in financing the development of SpheriTech’s intellectual property – for example by allowing applications for new patents to be pursued more quickly. Patent life is 20 years, so every year you take to commercialise a patent means a year’s less revenue.”

SpheriTech currently holds a portfolio of intellectual property covering a diverse range of technologies including peptide synthesis, DNA synthesis, biocatalysis and cell culture. As part of its work the company offers laboratory-based contract research and development, and provides custom synthesis of peptides and contract purification of any molecule, large or small.