02 Aug SiSaf enters strategic partnership with Croda
Croda International Plc (‘Croda’) and SiSaf Ltd (‘SiSaf’) have announced an exciting new strategic partnership which has included Croda acquiring a minority shareholding in SiSaf, with a copy of the full press release being available here.
Co-Fund NI (ERDF), managed by Clarendon Fund Managers Ltd (“Clarendon”), first invested in Sisaf in October 2013 alongside Innovation Ulster and a group of Northern Ireland-based angel investors. As Sisaf continued development of its innovative drug delivery technology, it received further equity investments from Co-Fund NI (ERDF) to support its growth, including participation in the last $4.3m A2 funding round led by Vickers Venture Partners in May 2018, which brought Co-Fund’s total investment in the Company to £1m . Co-FundNI invests with private investors such as business angels or their syndicates into eligible SMEs based in Northern Ireland, and provides up to 50 per cent of equity investment alongside 50 per cent from private investors on, a deal-by-deal basis.
Neil Simms, Investment Director of Clarendon said “I am delighted that Sisaf has achieved this significant milestone, in its strategic partnership with Croda, which will accelerate ProSilic’s commercialisation and expand its routes to market. It comes off the back of a significant 12 months for the Company in terms of commercial developments and fund raising, under the leadership of CEO Suzanne, with the support of an exceptional senior management team. We have high hopes for ProSilic®s significant market impact both in terms of the expected international growth in a company that originated in Northern Ireland, and its potential for worldwide impact on human health, animal health and agricultural applications“
Croda’s investment is a major contributor to SiSaf’s latest round of capital funding that will enable them to accelerate a commercial route to market for this unique technology. SiSaf will also benefit from Croda’s very successful global trading model, further supported by its leading R&D and regulatory expertise. While the partnership will primarily focus on Croda’s Health Care market, the diversity of ProSilic technology will see research projects take place in much wider applications.
Dr Suzanne Saffie-Siebert, Founder and CEO of SiSaf, said; “This is more than an investment of capital. It is an investment in our belief that good science equals good business. Our strategic partnership with Croda will turn potential into reality much faster than SiSaf could have achieved alone”. In relation to Co-Funds historic and ongoing support of the Company Suzanne commented that; “Co-Fund NI has been a valued investor and Clarendon a trusted advisor through our fund raising and growth over the last 5 years, which has cumulated in this market validation of ProSilic from Croda’s agreement to a strategic partnership.”
Co-FundNI is supported by ERDF under the EU Investment for Growth and Jobs Programme 2014-2020.