"We are delighted to have the support of the BioCity fund and the benefits of their mentorship in this important phase of Maxwellias journey towards the commercialisation of our first approved product"
Anna Maxwell, Maxwellia CEO and founder, Maxwellia
BioCity, the pioneering life science incubator and business collective has today announced investment in Maxwellia.
The world’s first prescription (Rx) to Over the Counter (OTC) switch incubator, Maxwellia’s novel approach converts prescription drugs into versions that can be purchased without prescription from pharmacies and supermarkets; a process known as ‘switching’.
As growing pressure and budget constraints are put upon the NHS, self-care, within therapeutics has been recognised as a future Public Health priority. Securing a GP appointment can be difficult with many not seeking treatment for manageable conditions because they do not want to ‘bother the Doctor’. The creation of new OTC products potentially enables quicker therapeutic outcomes for many, who may not previously have sought treatment. For the NHS, the shift towards self-care also supports the wider public health issues by freeing-up GP's time.
The consumer healthcare market is currently estimated at £2.6*billion in the UK and is growing, with nearly half of all UK adults needing help to self-care for treatable conditions**.
The funding round was partially completed via the BioCity angel investment platform, in which BioCity co-invests alongside a collective of business angels.
The investment will be used to support three innovative products in the areas of women’s health and healthy lifestyle that are currently in the pipeline at different stages, two of which are undergoing the approval process with the Medicines and Healthcare products Regulatory Agency (MHRA).
Maxwellia, now based at Alderley Park, is the latest graduate to have gone on to successfully secure funding from BioCity and the angel investor collective. Specialists in early stage life science investments, BioCity has added several promising ventures to the portfolio since the beginning of the year and is quickly becoming a leading investor within the life sciences.
BioCity investment analyst, Dr. Imelda Juniarsih said "Maxwellia are spearheading the move towards self-care therapeutics, their potential impact is vast.
"By providing consumers with quicker, wider and more convenient access to medicines and reducing the burden felt by the NHS, Maxwellia could support and accelerate the move towards self-care and provide early intervention opportunities for some long-term conditions in the UK. The Maxwellia team, led by Anna Maxwell, have both the skills and the expertise to deliver and reach their goal of creating the big OTC brands of the future."
Anna Maxwell, Maxwellia CEO and founder said: "We are delighted to have the support of the BioCity fund and the benefits of their mentorship in this important phase of Maxwellia’s journey towards the commercialisation of our first approved product."
To find out more about BioCity’s investment activities, visit https://biocity.co.uk
NOTES TO EDITORS:
Press contact: Claire Russell – firstname.lastname@example.org 01159 124 473
*PAGB. About Our Industry. https://www.pagb.co.uk/about-us/about-our-industry/ July 2018 Accessed 19/8/2019
**PAGB. A long term vision for self-care interim white paper July 2018 P 8 https://www.pagb.co.uk/content/uploads/2018/07/A-long-term-vision-for-self-care-interim-white-paper.pdf
Home to more than 200 companies, BioCity is a pioneering life science incubator and business collective. Where ideas become reality, investment flows and businesses succeed.
Not the typical business incubator, BioCity takes a holistic approach to business support. Offering entrepreneur coaching, investment, flexible lab and office space and PAYG services within a UK-wide business collective.
Founded in 2002 by the University of Nottingham and Nottingham Trent University, BioCity originated in a former BASF Pharma research facility in Nottingham city centre.
In 2012 BioCity acquired the MSD research facility in Newhouse near Glasgow to create Glasgow, BioCity. This was closely followed by a second site in Nottingham, MediCity, which is located on the Boots campus and is a collaboration with Walgreens Boots Alliance. In 2016 the Newhouse site was further expanded to create Glasgow, MediCity. BioCity also operates at Alderley Park, Cheshire, Aberdeen and Newcastle.
The company has made 29 investments in early stage companies and has delivered a healthy growth in portfolio valuation. Funds are deployed from its own cash reserves and from a joint venture vehicle with AstraZeneca which BioCity manages.
In 2017, BioCity was identified as one of Europe’s fastest-growing companies in the Financial Times’ FT 1000 report. The BioCity model of ‘support from inception to incorporation’ initially challenged the industry standard but quickly became the industry leader due to the unprecedented survival rates of BioCity based businesses.
For more information visit https://biocity.co.uk/about
Contact: Anna Maxwell, CEO, Maxwellia email@example.com +44 (0)7778 963 687
Maxwellia is the first dedicated OTC switching company in the UK and is led by a pioneering multi-disciplinary team with over 100 combined years of experience in the field. Its mission is to widen access to more medicines to enable people to look after themselves better. Maxwellia has the strategic and commercial acumen to re-invigorate established drug molecules in a different way, safely repurpose them for Self Care and bring new, much-needed medicines to market. The company offers consultancy and capability services to pharmaceutical companies in the UK/EU who want to switch their own established prescription medicines and backed by a combination of venture capital and angel funding, is investing in its own switch programmes, building a pipeline to develop a portfolio of new OTC medicines to tackle future Public Health priorities.
About Anna Maxwell MRPharmS
Anna is a pharmacist and author of Switch Dynamics: A practical approach to switching medicines for Self Care. Having conducted in-depth analysis of over 30 switch projects in the UK and EU, and facilitated over 20, including the ground-breaking EU switch of morning-after pill, ellaOne, Anna has an unparalleled understanding of the critical factors necessary for a successful product launch.
For more information visit https://www.maxwellia.com/