Solvotrin Therapeutics, which makes Active Iron, has announced the closing of a €6.7m funding round.

Solvotrin says it is on target to deliver 40% turnover growth in 2020, with 50% growth in the UK. The new funding will be used to support expansion in international markets.

The Cork company booked a €3.1m loss in 2019 following a €3.4m loss in 2018. Equity invested increased by €1.7m through last year, bringing total capital invested to €9.1m. Year-end net worth was a negative €2.7m.

According to Solvotrin, investors in the latest funding round include London based RAB Capital and Elkstone Ventures. RAB Capital founder Michael Alen Buckley is joining the board as vice chairman. RAB Capital has a focus mainly on Renewables, Life science and Early Stage Technologies.

CEO Pat O’Flynn commented: “We are delighted to complete this fundraising. The strength of our range of products and the strong re-order rates that we are experiencing in markets around the world meant that, despite the challenges of Covid 19, we were able to bring this new funding on board.

In Association with

“The Active Iron range is on sale in ten markets across four continents and it is planned to significantly expand in these markets over the next two years. This funding will not only support that development but also to help to drive forward our research led product development.”

The Active Iron product range is based on a unique composition which delivers greater absorption rates, delivering two to three times higher iron levels in the blood, without the common sides of effects of other iron preparations.

Solvotrin has a licence agreement with Fosun Pharma in China and is selling the Active range in China online. The company said the registration process to permit products to sell in retail pharmacy stores in China is targeting approval in late 2021.

Solvotrin recently launched a new pregnancy range and Active Immune.