Mark Vaux commented on his experiences of the Access to Finance programme:
“All the guest speakers were of a very high calibre, with valuable input and directly relevant experience - even on some of the ‘heavier’ topics. The discussion was always free flowing with good interaction between presenters and delegates and amongst the delegates themselves. The practical, ‘real world’ advice about investors and their foibles was invaluable. A former colleague of mine recently asked for advice ahead of an investor meeting – I referred to my notes from the course before calling him, in order to make sure I gave him as comprehensive answer as I could.”
York based Paraytec secures Angel Funding
Background
Paraytec Ltd is a scientific instrument company based in York. Formed as a spin-out from the Chemistry department of the University of York in 2005; Paraytec designs, develops and manufactures innovative instruments for use in drug development. Their instruments are a step change improvement over existing techniques and allow the end users to access better quality, or in some cases entirely new data, therefore improving the efficiency and timescales of new drug development.
The end users are R&D scientists in pharmaceutical and biopharmaceutical companies, contract research organisations and academic institutions worldwide. The company plans to pursue the pharmaceutical and biopharmaceutical production/quality control market.
Objective
Paraytec Ltd has already established itself as a credible player in the analytical and life sciences instrumentation market. Mark Vaux, chief executive officer at Paraytec Ltd, was looking to secure further interest and support from potential investors to enable the company to increase sales and to develop and manufacture new tools for use in drug development.
Implementation
Mark Vaux became involved in the Access to Finance programme during its early stages, firstly with a strategic review of his business, and then followed by a four day workshop and mentoring session. The workshops allowed Mark to perfect his presentation for the investor panel. He was able to evaluate the business, assess where its core strengths lay and understand how this would translate into a return on investment for potential backers.
Result
Paraytec Ltd secured investment worth over £150,000 in its latest round of funding. New and existing investors from the Viking Club, YABA and Yorkshire Fund M anagers have joined forces on this investment, recognising the potential growth prospects of the company. In addition, Grant Thornton also gave Paraytec Ltd advice on applying for an R & D tax credits which led to Paraytec making a claim of £38,000.
Having secured an investment, Paraytec Ltd is looking to sign its first major OEM contract with one of the leading companies in the scientific instrumentation field and strike up a partnership with one or more of the big multinational companies.
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Mark Vaux at the Paraytec Labs
