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PHARMASEAL International Ltd

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Flexible & adaptive trial solutions provider.

118%
 - 
Funded 22 May 2023
£450,000 target
£535,122 from 206 investors
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Business overview

Location Nottingham, United Kingdom
Social media
Website www.pharmaseal.co
Sectors Healthcare Mixed Digital/Non-Digital B2B
Company number 09993255
Incorporation date 8 Feb 2016
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Investment summary

Type Equity
Valuation (pre-money) £5M
Equity offered 9.59%
Tax relief

EIS

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Business highlights

  • Pharmaseal ARR exceeds £400k*
  • 10 Biopharmaceutical & Medical Device Customers Signed
  • 17 Software Releases Delivered, 2023 Major Release Scheduled Q1
  • 1st Commercial Reseller Partnership with Medrio (USA) Signed
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Key features

  • Secondary Market
  • Nominee investment min. £18.00 +
  • Direct investment min. £25,000.00 +

Idea

Introduction

Pharmaseal is a software company that aims to disrupt clinical trial management with its Engility® B2B platform, ensuring compliance with international good clinical practice (GCP) requirements. Clinical trials involve thousands of patients and take 1-5 years to complete, and are a crucial step in licensing new prescription drugs/devices.

Engility® unifies separate applications into a single platform, ensuring GCP compliance, centralizing information, removing data duplication, and making enterprise systems more affordable for SME companies. Almost 50% of clinical trials are outsourced to CROs (suppliers).

Engility® enables companies and their suppliers to share the same system, enhancing collaboration on clinical trial projects and improving overall governance across the supply chain, join Pharmaseal in transforming the effectiveness of clinical trial management.

* Based on unaudited management accounts.

Substantial accomplishments to date

2019: H1: Second seed round closed raising £1m+

2019: H1: Initial Release of Engility® with the first foundation product, Clinical Trial Management System (CTMS)

2019: H2: First customer signed a 3-year subscription to Engility®

2019: H2: Pharmaseal wins East Midlands "Start-Up Company of the Year"

2020: H1: Initial Release of the second product, electronic trial master file (eTMF), which unifies clinical process management and document management in a single cloud platform

2020: H2: Pharmaseal wins £100k Innovate UK grant for a research project

2020: H2: Interim funding round closed (£500k) with Seedrs and HNI's to support operational cashflow and impact of Covid on clinical trials

2021: H1: Medrio (USA) and Pharmaseal signed a strategic reseller agreement, allowing Medrio to sell Engility® to its customers. Engility® complements the use of Medrio's data management products

2022: H2: Pharmaseal and Medrio commit R&D resources to develop an integration between Medrio EDC Data Management and Engility® Trial Management platforms

2022: H2: Pharmaseal acquires 10 global customers

2022: H2: Pharmaseal completes a successful onsite audit by a top-20 Pharmaceutical company

2022: H2: First customer renews for another 3-year subscription license of Engility®

2023: H1: Pharmaseal attends and exhibits at first trade conference (Clinical Outsourcing Group) in London since the pandemic

2023: H1: Pharmaseal ARR exceeds £400k with 11 customers and initates interim funding round*

* Based on unaudited management accounts for the year 1st April 2022 - 2 March 2023.

Monetisation strategy

The Engility® platform is licensed as a SaaS product. It is offered in two product combinations:

Engility® Standard: With a single product - Clinical Trial Management System (CTMS) which supports clinical process management of Good Clinical Practice (GCP)

Engility® Enterprise: With both CTMS and an electronic trial master file (eTMF - document management) in a unified platform.

The subscription contract duration is either for a committed volume of clinical trials on a typical 3-year (perpetual) volume licensing deal or for the specific duration of one or more clinical trials (project duration).

The flexible licensing approach caters for companies who have different demands for trials, based on their size, maturity and product lifecycles.

As enterprise-wide information, Engility® becomes the repository of all clinical trials conducted by an organisation and/or a supplier and hence the "execution record" of conduct. This makes Engility a "sticky" enterprise system with long-term usage.

Use of proceeds

The interim round is expected to support a minimum of 12 months of operating cash flow as the company is already generating £400k+ ARR*. The investment will support additional commercialisation and marketing expenditure and additional engineering resources for product development.

The company will attend and aims to exhibit at additional trade shows during 2023 targeting USA and Europe with suitable events.

Growth through channel partnerships will require dedicated resources to manage the channels, and a commercial director will be hired to support existing management.

Additional product development to support the integration of Engility® with other 3rd party products will be accelerated over the next 12 months. We expect this to increase sales sourced from channel partners.

The company aims to add 10 more customers in the fiscal year April 2023-March 2024, and we hope to be able reach both a breakeven position, and sufficient revenue to commence planning for a Series A round, in the latter half of 2024.

Key Information

Debt

The company has the following outstanding loans:

£50,000 bounce-back loan from HSBC at an interest rate of 2.5% per annum. The loan is to be repaid on 20-07-2030.

The funds raised from this investment round will not be used to repay these loans.

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If you successfully purchase a share lot of this business, you will be granted access.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

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Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £5,039,541

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

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Equity Offered

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When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

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Direct investment

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

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Security Token

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