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Daffodil drug's major investment Daffodil drug's major investment
(about 1 hour later)
A company harvesting a substance from daffodils used to fight Alzheimer's disease has landed £850,000 worth of investment to go into full production.A company harvesting a substance from daffodils used to fight Alzheimer's disease has landed £850,000 worth of investment to go into full production.
Alzeim from near Brecon, Powys, farms daffodils for a compound called galantamine, which slows down the progress of the disease. Alzeim, from near Brecon, Powys, farms daffodils for a compound called galantamine, which slows the progress of the disease.
The iconic Welsh flowers are grown on the hillsides of the Black Mountains.The iconic Welsh flowers are grown on the hillsides of the Black Mountains.
The money has come from Welsh Assembly Government investment company Finance Wales and private investors.The money has come from Welsh Assembly Government investment company Finance Wales and private investors.
Alzeim Limited said the drug was free on the NHS in Scotland, but was only prescribed privately in Wales and England because of its cost.Alzeim Limited said the drug was free on the NHS in Scotland, but was only prescribed privately in Wales and England because of its cost.
But the company said it hoped it had developed ways of producing galantamine at a low enough cost to persuade the National Institute for Clinical Excellence (NICE) to put it on the standard prescription list.But the company said it hoped it had developed ways of producing galantamine at a low enough cost to persuade the National Institute for Clinical Excellence (NICE) to put it on the standard prescription list.
Drug companiesDrug companies
Kevin Stephens, chief executive of Alzeim said: "The company has achieved much with very little cash so far, relying on the support of a few dedicated people, especially Professor Trevor Walker.Kevin Stephens, chief executive of Alzeim said: "The company has achieved much with very little cash so far, relying on the support of a few dedicated people, especially Professor Trevor Walker.
"The fundraising proves their vision and allows us to move forward on a sound commercial basis.""The fundraising proves their vision and allows us to move forward on a sound commercial basis."
Alzeim, which is based in the village of Talgarth, held trials in 2006 about whether daffodils could be farmed in the Black Mountains.Alzeim, which is based in the village of Talgarth, held trials in 2006 about whether daffodils could be farmed in the Black Mountains.
It said the substance used to treat Alzheimer's was found in greater quantities in daffodils grown in the mountains than on those grown in lowland areas.It said the substance used to treat Alzheimer's was found in greater quantities in daffodils grown in the mountains than on those grown in lowland areas.
Previously the substance was only found among wild snowdrops in Bulgaria and China.Previously the substance was only found among wild snowdrops in Bulgaria and China.
The plan now is to sell galantamine to drug companies.The plan now is to sell galantamine to drug companies.
Nearly £850,000 has come from Finance Wales, Cardiff-based Gambit Corporate Finance and a number of individual investors.Nearly £850,000 has come from Finance Wales, Cardiff-based Gambit Corporate Finance and a number of individual investors.
The money will help Alzeim produce more daffodils and galantamine on site in Talgarth.The money will help Alzeim produce more daffodils and galantamine on site in Talgarth.
Rhian Pugh of Finance Wales said "committed research" had led Alzeim to push the boundaries.Rhian Pugh of Finance Wales said "committed research" had led Alzeim to push the boundaries.