TTS Pharma close £10.3m funding round and appoint new chairman
Posted by: Joanna Jones
Economy & Politics | Funding | Growth | Healthcare | Legal | Manufacturing | North West
TTS Pharma Limited has closed a private equity investment round totalling £10.3m.
Based in Liverpool, TTS Pharma is a supply chain manager in the emerging ethical cannabis market.
The pre-established supply chain including both domestic and international partners enables the company to legally supply various CBD products to a growing range of customers. In mid-2018, TTS Pharma commenced a comprehensive R&D sponsorship programme to extract the various cannabinoids and develop new products in both human and animal markets.
TTS Pharma aims to use the funding to become one of the leading global suppliers of ethical cannabis products, by allowing it to expand its existing supply chain, develop its own facilities and further strengthen its academic and commercial partnerships.
The ethical cannabis market is set to become a high growth, disruptive and innovative new segment in the life sciences field.
TTS Pharma has also announced the appointment of a new Executive Chairman, Paul Atherton. Until 2017, Paul was previously the Chief Executive Officer and Chief Financial Officer of Heritage Oil Limited.
Paul Atherton commented: "I am delighted to join TTS Pharma as Executive Chairman. Utilising existing in-house know-how, TTS Pharma represents a unique chance to develop and produce world-class, novel products for the rapidly growing new industry of ethically-based, legal cannabis products. I see a long-term opportunity to establish cost and scale advantages, allowing this company to flourish in this attractive, global emerging industry."
TTS Pharma CEO, Mark Tucker added: "It is a great privilege to lead a team of highly experienced pharmaceutical professionals building an exciting portfolio of technologies and products based on world-class expertise and industry-leading know-how.
"We are well placed to build on the scientific developments driving this rapidly growing industry and provide cannabinoid products of unparalleled quality and consistency. Since my early involvement in pre-clinical cannabinoid trials in 2003, TTS Pharma has grown extensively and is now producing and developing a range of innovative and safe cannabis-based products within existing legislation and the evolving regulatory framework."
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