Vectura completes £10.55 Million financing to advance drug delivery programmes
24 Apr 2001
Vectura completes £10.55 Million financing to advance drug delivery programmes
Vectura Limited (Vectura), the fast-growing Bath-based drug delivery company, announced today that it has successfully completed a second round of equity financing totalling £10.55 million. Friends Ivory & Sime (FIS) Private Equity and AiM business units led the private equity round investing £5 million. The Merlin Biosciences Fund LP and the Merlin Fund LP contributed £2.8 million and £1.0 million respectively, Northern Ventures subscribed £0.75 million, while the University of Bath and Vectura management provided the balance of £1 million.
Vectura was founded by Merlin in 1997 and has already established itself as a leading European provider of innovative inhaler formulations for pulmonary drug delivery. The Company's R&D team is developing a range of unique, patent-protected drug delivery technology platforms, both in the pulmonary and other sectors. In addition, Vectura is targeting specific product development opportunities in the areas of chronic obstructive pulmonary disease and in the systemic delivery of inhaled macromolecules, where the Company believes it can create a clear competitive edge from its technology. It already has product development collaboration agreements with Chiesi, Innovata Biomed, and Arakis.
At the same time as completing this financing round, Vectura has appointed Professor John Staniforth as its full-time Chief Scientific Officer. Professor Staniforth, who was previously Professor of Pharmaceutical Technology at the University of Bath, is the inventor on over 100 patents and has a proven track record in creating commercialisable drug delivery solutions to pharmaceutical formulation problems.
Peter Virley, CEO, commented, 'This injection of capital will allow us to drive our technology platforms through to proof-of-principle so that we can start attracting high quality licensing deals. It will also enable us to take our first development products into clinical trials over the next twelve months. The commitment of John Staniforth to Vectura will also provide additional momentum for our R&D programmes.'
Shani Zindel, Investment Director at Friends Ivory and Sime Private Equity plc, added, ' We are very excited by the Vectura investment opportunity. This is a fast-growing specialist sector of the pharmaceutical market with a lot of M&A activity. The management team at Vectura has a very strong track record in the sector and has already shown a capability for getting deals done.'
Notes:
Vectura is a drug delivery company focussed on the application of its core expertise in particle science and engineering to the development of novel pharmaceutical formulations that satisfy unmet medical needs. The Company is building up a strong intellectual property position and currently owns the rights to sixteen patent families. Its Research and Development programmes are driven by a group of senior scientists and consultants, including Professors John Staniforth, David Ganderton and David Davies, all recognised authorities in their fields. The Company is developing technology platforms in the fields of pulmonary, oral and dermal delivery and is using these in a number of product development collaborations with third parties.
Vectura employs over 100 people at its Chippenham site and at the Cambridge Science Park.
Friends Ivory & Sime Friends Ivory & Sime Private Equity applies a research-led, sector-focused approach to investment in unquoted companies across Europe and typically invests between £2m and £20m of equity in companies at all stages excluding start-ups. Its main areas of investment interest are in technology, media, business services, healthcare and consumer markets.
The Friends Ivory & Sime AiM team applies its specialist approach to investing in high growth entrepreneurial companies. Favoured sectors include healthcare, pharmaceuticals, technology, media and telecoms. The team invests at the stage when companies are conducting venture capital, pre IPO, IPO, and secondary fundraisings. The AiM team works closely with Friends Ivory & Sime Private Equity on unquoted investments, undertaking all technical due diligence.
Friends Ivory & Sime Private Equity benefits from the strength and resources of its parent company, Friends Ivory & Sime, a multi-disciplinary asset management business with over £38 billion (as at January 31st 2001) under management. Both Friends Ivory & Sime and Friends Ivory & Sime Private Equity are regulated by IMRO. FIS were represented by Shani Zindel and Dr. Stuart Rollason in this transaction.
Merlin Biosciences Merlin Biosciences Limited (Merlin) is a broad-based venture capital and advisory company dedicated to the life sciences sector. Merlin supports companies in all stages of their development - from early stage, through pre-IPO and post-flotation and has an extensive network of advisers and experienced strategic partners. Merlin advises three funds which encompass this spectrum of development: The Merlin Biosciences Fund, which closed in August 2000 with total commitments of 247 million euros, the Finsbury Life Sciences Investment Trust PLC, and The Merlin Fund LP. Merlin Biosciences is regulated by IMRO.
For further information please contact:
Vectura Limited
Peter Virley
Tel: +44 (0)1249 667700
Fax: +44 (0)1249 667701
Email: enquiries@vectura.com
For FIS
Shani Zindel
Tel: +44 (0)2075 0611610
Fax: +44 (0)2076 011787
Email: shani.zindel@friendsis.com
For Merlin Biosciences
Peter Keen
Tel: +44 (0)2078 496003
Fax: +44 (0)2079 761444
Email: pkeen@biosciences.com
Financial Dynamics
David Yates / Lucy Briggs
Tel: + 44 (0) 207 269 7242
