Business Case: CIRCE

circe caso exito

CIRCE is a company specialized in polymorphism and pharmaceutical cocrystals.

We design and perform screenings in order to find new polymorphs, salts and cocrystals of Active Pharmaceutical Ingredients by combining the newest technologies and facilities in the field together with an innovative virtual prediction methodology.

Our team has a large experience in areas such as crystal engineering and supramolecular chemistry obtained through academic research projects and collaboration with the pharmaceutical industry. Our work is always carried out in close collaboration with the client’s researchers, adapted to the customer’s needs and under strict confidentiality conditions.

Evolution of CIRCE

Metric (K€) (valores en Miles €)20162019
Number of Employees26
Investigation Lines15




CIRCE’s business model strategy in 2017 was at a turning point. From a crystalline engineering services company to a research company with the objective of generating its own product portfolio (to license said compounds or sell them to third parties). Caixa Innvierte Start, F.C.R. joins the company’s shareholders at that time. Caixa Innvierte Start, F.C.R. It is Caixabank’s investment vehicle for start-ups, and it opted for this strategic turn of the company. And a few months later (in June 2017) the services of Timonel Consulting were hired, outsourcing the financial management.


Benefits/advantage for the Client

CIRCE had the benefit of having at their disposal a high level financial advisor without having to contact and pay a full time Financial Director.

Cost savings of not having a full-time CFO and by outsourcing these activities fix costs are converted into variable costs, that is easier to control.
Flexibility, adapting the service to the circumstances of each moment.
Time saving and support decision-making process with comprehensive analysis and reports.
Greater focus on the business.
Periodic financial reporting and KPIs according to the demands and timings of investors.
Company information always up to date, ready for the preparation of audits, the justification of subsidies and the capital increase rounds.


Main functions of Timonel Consulting

• Financial planning
• Cash Management
• Investment Analysis
• Company Valuation
• Audit of Anual Accounts
• Due Diligence Process
• Financial Reporting for Investors
• Request of soft loans (ENISA, CDTI, etc) and subsidies.
• Search for financial products and banking transactions
• R&D certification process



CIRCE has filed patents to protect the crystals of three nutraceutical compounds. Co-crystals have already been identified in four additional nutraceutical compounds, and additional patent applications will be filed before the end of 2019.

R&D Investment:
• 0,3M€ (2017)
• 0,2M€ (2018)
• 0,3M€ (2019)
• 0,5M€ (2020) (s/Budget)

Obtaining financing, public debt and subsidies:
• 0,3M€ (2017)
• 0,1M€ (2018)
• 0,4M€ (2019)

“Working with Timonel Consulting has allowed us to organize and strengthen the financial area of the company. It is worth mentioning their professionalism and good work, his commitment to our company, not only fulfilling the agreed tasks, but also providing solutions and improvements. Working with David Roldán is easy because of his kind, professional and dedicated treatment. Thanks to their work, we have the security of fulfilling all the tasks of reporting, forecasting and other necessary requirements in our relationship with our investors, auditors, certification (R&D) entities and Public Administrations.”

Fernando Barrera – CEO CIRCE