The funding round was led by existing investors including angel syndicate Archangels, Scottish Enterprise, and new investor British Business Bank.
BDD said the money would help its expansion in response to growing demand for both its patented drug delivery technology and specialist clinical trial services.
The company says the investment follows a strong 18 months that saw it double revenues in 2022 and says it has also secured substantial contracts with major pharma and biopharmaceutical companies for this year (2023) and next (2024).
BDD says this investment will allow the business to increase its clinical capacity and expand capabilities to offer the sector the ease and convenience of a single point of contact for early phase formulation development and clinical evaluation.
The company will now be able to deliver phase 1 first-in-human trials of novel medicines and clinical testing that will help its clients bring medicines to the market more quickly.
Based in the UK, BDD is a privately owned, drug development business, providing pharmaceutical companies with formulation development expertise, on demand GMP manufacture and specialist clinical trial services.
Carol Thomson, CEO BDD Pharma, said: “More and more we are talking with companies who are developing the most exciting ground-breaking new medicines, but their path to market is being hampered by traditionally slow and costly development processes.
“We have always prided ourselves in working collaboratively with our clients to provide phase appropriate development, manufacturing, and clinical testing services. This investment allows us to further expand on these services, enabling our clients to fast-track their drug product development.”
In line with the UK government's ‘Life Sci for Growth’ strategy that included £121 million for improving clinical trials to bring new medicines to patients faster, the company offers formulation development and clinical testing through BDD SWIFT, which it says significantly reduces the time from product concept to clinical success.
BDD’s patented oral drug delivery technology, OralogiK enables the timed release of active pharmaceutical ingredients tailored to specific modified-release needs, including sustained, delayed, multiple pulse, and site-targeted release. OralogiK supports the development of novel complex formulations and life cycle management opportunities.
Led by Thomson, BDD Pharma was established in 2000 and since then has provided expertise in early phase clinical research for the pharmaceutical industry using gamma scintigraphic imaging techniques. Gamma scintigraphy is a medical imaging technique that uses small amounts of radioactive materials and a special camera to create pictures of exactly how a drug product performs in the body. Scintigraphic data can provide vital information for the development of better and safer medications.
BDD currently supports innovators across the globe and works with a range of clients from the biggest pharmaceutical companies to innovative biotech startups, all with the common goal of bringing novel treatments to market more quickly.
Sarah Hardy at Archangel Investors said: “BDD is an excellent example of an ambitious and innovative Scottish life science company with global reach. Its patented timed-release technology, alongside world-class clinical trial services offering, created a compelling proposition for the pharma industry.
“Building on a successful 18 months after the challenges of the pandemic, the company is well poised to pursue its growth strategy. We’re excited by what the future holds for BDD and looking forward to supporting Carol and the team.”