Front row: LyraChem CEO Carl Thirsk with Amanda McMurray (NStar)
Back row, left to right: Dr Christophe Grosjean (LyraChem, Senior Research Scientist), Joanne Davison (Muckle LLP), Prof. Allen Wright (LyraChem, Technical Director), Dr Richard Exley (NStar), Dr Tony Henfrey (LyraChem, Non-executive director), Paul Robinson (Muckle LLP), Cally Foreman (LyraChem, Finance Director)
INVESTMENT IS LYRACHEM’S CHEMISTRY FOR SUCCESS
A chemical consultancy that specialises in improving process development is expanding as it looks to put North East expertise at the forefront of global technology development.
LyraChem - a Durham University spin out company that now brings together the academic excellence of Durham and Newcastle Universities - has secured investment from the Three Pillars Fund to assist its growth plans. Led by Dr Carl Thirsk, LyraChem delivers a range of products and services to companies in the pharmaceutical and fine chemical sectors, helping them to speed up chemical process development and achieve better manufacturing processes.
Backed by Backed by equity investment from NStar Finance’s Three Pillars Fund and private investors, the company has relocated to new laboratory and office facilities within Newcastle University. Since it began trading with just 3 people in 2006, the team has now expanded to 10 to cope with new business and increase commercial opportunities.
Dr Amanda McMurray of NStar, which holds an equity stake in the company in return for Three Pillars Fund and Proof of Concept Fund investments, said: “It’s good to see North East expertise at the forefront of technology development. The LyraChem team offer a unique skills set with the opportunity to make a big commercial impact in the UK and beyond.”
Dr Carl Thirsk, LyraChem CEO, said: “We aim to bridge the traditional disconnect between chemistry and chemical engineering. We identified a gap in the market and with the unique skills, expertise and technology LyraChem can offer here in the North East, there’s a real opportunity to achieve commercial success.”
LyraChem brings together expertise in chemistry, chemical engineering and mathematics from within the two universities. It combines these skills to improve the transfer of technology from laboratory to large scale production. The core principle behind LyraChem’s business concept is to understand the more mathematical aspects of process chemistry in parallel with the development of the chemistry. This allows advanced engineering technologies to be applied much earlier in the development lifecycle, enabling lab processes to be scaled up quickly, safely and with substantial cost-savings.
Carl added: “We apply a combination of technologies in parallel to understand better the relationships between small scale chemical behaviour and large scale process operations. Our package of advanced chemical engineering, quality chemistry and mathematical technologies crucially helps to develop the broad and deep scientific knowledge base needed to understand and control process variability.
“Typically, only the largest pharmaceutical companies have access to this level of expertise in house, and those that do are often unable to deploy resources as quickly as projects demand. With the skills we can bring to the task, we can offer this kind of service and speed to pharmaceutical SMEs, helping them transfer technology quickly and cost effectively.”
Dr Chris Dowle, Director of Advanced Processes at the Centre for Process Innovation commented: “The Centre for Process Innovation has been involved with LyraChem since its earliest days and it sees an exciting business opportunity emerging. Together we can provide assistance to further the development of the process industries. We wish LyraChem every success”
Advice on the deal was provided by Muckle LLP. Partner Peter Robinson said: “"We've been working with LyraChem since its inception and it's great to see the Company and its team move onto the next stage of its growth. It's always extremely satisfying to see and to be part of a business's success story.”
The Three Pillars Fund supports early stage businesses in three key regional industries: energy, healthcare & health sciences and process industries. For more information about the Three Pillars Fund please contact Dr Amanda McMurray on 0191 211 2324.