Redag aims to discover new chemicals for the agricultural industry, with a particular focus on fungicides, herbicides, insecticides and nematicides, by innovating around patents that are currently published.
To discover and develop new agrochemicals, then license to established companies for further development and commercialisation.
While the company has a portfolio of compounds, and some are being tested by potential licensees, no licenses have been signed yet.
An experienced management team is in place, bringing chemistry and biology backgrounds as well as a knowledge of start-up businesses and large agrochemical corporates.
There is no internal financial staff, though this will be rectified after the fundraise by the recruitment of a CFO.
Aim of offer is to raise £6m. Number of shares and pricing to be determined. Last fundraise valued the company at £10.6m.