Medicine company Maxwellia has announced that it has raised £700,000 in early-stage investment from the GM&C Life Sciences Fund, managed by Catapult Ventures, as well as from existing investors and angels.
The funding represents a vital step for Maxwellia, which specialises in ‘switching’ – the conversion of prescription medicines into branded versions that can be bought without a prescription, over the counter.
Anna Maxwell, CEO at Maxwellia, said: “We have to start doing things differently and help people to look after themselves – it is what people want and the future of the NHS depends on it.
“Today’s announcement is further endorsement of the work we have been doing to transform people’s health by providing easier access to the products and information they need, when they need it.”
The value of the UK consumer healthcare market is estimated at £2.47 billion and growing. Switching is a vital means of maintaining the flow of new drugs for self care and it is estimated that new switches could add 20% to the UK OTC market by 2030.
Dr Vijay Barathan, Life Science Partner at Catapult Ventures, added: “We are very pleased to be working with Anna and her team of switching experts on this unique opportunity to develop a range of new ‘over the counter’ medicine brands and enable patients access to well established medicines in pharmacies without the need to see their doctor.”