SEP secures £4.75 million growth finance from Beringea
January 13th 2015
New finance will enable SEP to consolidate its position as a leading pan European speciality urology company and support future growth
(London, UK) Speciality European Pharma Limited (SEP), the pan European speciality urology company, has secured £4.75 million from Beringea Growth Finance, provider of asset based and working capital finance. Beringea Growth Finance is part of Beringea LLP, the manager of the ProVen VCTs.
Founded in April 2006, SEP is a privately owned speciality pharmaceutical company. It focuses on products aimed largely at the urology or urogynaecology markets, primarily in Europe. The company acquires, licenses and distributes pharmaceutical products and medical devices aimed at its target markets.
SEP owns worldwide rights to Bulkamid, Mitem and Aquamid. Bulkamid is a urethral bulking agent, a minimally invasive treatment for urinary stress incontinence. Mitem is a cytotoxic medicine used in the treatment of a variety of cancers, including bladder cancer. Aquamid is facial filler used for cosmetic and reconstructive surgery. SEP also holds the distribution rights in the UK and the Republic of Ireland for Regurin XL and Regurin BD – treatments for overactive bladder. The company is developing a novel treatment for osteoarthritis, which has showed very promising early results for this debilitating condition. Development of this new osteoarthritis treatment follows on from the impressive results achieved by the company in treating lameness in horses.
Mark Taylor, Head of Beringea Growth Finance said: “SEP is an impressive business – well established and delivering some fantastic products to market. Patrick heads up a highly accomplished and experienced management team and we look forward to supporting them in their continued growth plans.”
Patrick Banks, CEO of SEP said: “The finance provided by Beringea Growth Finance will enable SEP to consolidate its position as a leading pan European speciality urology company and support us in future growth. We are very pleased to be working with Mark Taylor and the team at Beringea, who have extensive experience of our sector and of working with private equity backed businesses. The investment process was refreshingly clear and efficient and we look forward to working in partnership.”