ApaTech Ltd Announces US$45m Fund Raising
Published: Jun 16, 2008
ApaTech, a world leader in applying the science of silicon to bone graft technology, is delighted to announce the successful completion of a US$45 million fundraising. The proceeds of the round, led by 3i plc and new investor HealthCor Partners, are to be invested in additional commercial resources, further clinical and new product development and a significant expansion of manufacturing capacity.
CEO Simon Cartmell said “These funds allow us to continue the successful development of ApaTech into a world leading orthobiologics company. We see significant potential in Actifuse and the portfolio of new technologies we are developing and I am delighted we have been able to secure investment from, and involvement of, two world class financial institutions who clearly share our vision of the future.”
As a result of the investment the Board of Directors will change significantly. Peter Chambré becomes Non-Executive Chairman, with Dr Nigel Pitchford and Michael Mashaal, MD joining the Board as investor directors on behalf of 3i plc and HealthCor respectively. Peter Chambré, who as CEO of Cambridge Antibody Technology plc oversaw its successful development and ultimately its sale to AstraZeneca plc for $1.4bn in 2006, said “I am delighted to be joining the ApaTech Board and to be able to help guide ApaTech through its next stage of rapid growth. It has differentiated technology, an exceptional management team and competes very successfully in a large and growing market by producing excellent outcomes for patients. This new funding will allow ApaTech to realize its potential as a world leading orthobiologics company over the next 3-4 years.” Nigel Gray, Chairman, David Holbrook of MTI, Keith Aldred representing Queen Mary, University of London and Renée Lucander of 3i Venture Capital will leave the Board. Professor Bill Bonfield remains as a non-executive director
Nigel Pitchford, a partner in 3i's healthcare team, said "We're proud to have been the long-term lead investor in ApaTech, from spin-out in 2001 through to the commercial success that it is today. With significant growth potential still ahead of it, we believe ApaTech continues to represent an outstanding opportunity. 3i is delighted to be able to invest substantial new funds and introduce an excellent new partner in HealthCor. Together we will provide ApaTech with the strong financial platform it needs to execute on the growth opportunity and become the worlds' leading orthobiologics company.”
Michael Mashaal, Managing Director of HealthCor, stated his support for the company’s growth plans. “We don’t often see companies with such strong potential in their existing and marketed portfolio. ApaTech clearly has the opportunity to grow rapidly over the next few years and we are delighted to be joining the ApaTech team at this exciting time. This funding will allow the Company to execute on its strategy as key differentiating clinical data becomes available.”
ApaTech Limited, based in London, England, Foxborough, Mass. is a world leader in bone graft technologies. Founded in 2001 and based on research and intellectual property from Queen Mary University of London and Cambridge University, ApaTech has introduced a novel silicate substituted calcium phosphate bone graft material, Actifuse, globally. The company believes that Actifuse is the first of a new class of synthetic bone graft materials that combine osteoconductive and osteo-stimulatory activities and demonstrates the Company’s leadership in applying the science of silicon to bone graft technologies.
The Company raised $23m of equity from 3i plc and MTI and $7m of debt from Noble Venture Finance in 2001-7. ApaTech commercializes its products, Actifuse and ApaPore in 21 countries around the world and is achieving rapid sales growth, achieving sales of $15.5m in 2007.
ApaTech has locations in Elstree, UK, Berlin, Germany and Foxborough, MA, USA. The Company sells its products in the United States, UK, Germany and 18 other countries around the world. ApaTech was recently recognized as Britain’s fastest growing medical technology company in the 2007 Sunday Times Fast Track 100 fastest growing private companies review.
Simon Cartmell, CEO
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Rachel Richards, PR Manager
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