Lamellar Biomedical Ltd Raises £5.75 Million In Series C Fund Raising Led By Invesco
Published: May 08, 2017
BELLSHILL, Scotland, May 8, 2017 /PRNewswire/ --
Lamellar Biomedical, a biotechnology company developing a range of patent-protected medical and pharmaceutical products, based on LAMELLASOME™ technology, has raised £5.75 million in a Series C equity funding round. The financing was led by Invesco Asset Management Limited acting as agent for and on behalf of its discretionary managed clients ("Invesco") and supported by the Scottish Investment Bank ("SIB"), the investment arm of Scottish Enterprise, both current investors in Lamellar.
Lamellar is developing a pipeline of novel patent-protected medical devices and pharmaceuticals targeting:
- Dry Eye Disease (DED) with Lamelleye
- Radiotherapy-Induced Xerostomia (RIX) with Visco-ease
- Cystic Fibrosis (CF) with Muco-ease
Lamellar's pipeline products target conditions that are poorly served by current medications and therefore represent areas of high value unmet medical need.
Lamelleye is an approved Class 3 EU Medical Device. Visco-ease is also being developed as a Class 3 EU Medical device.
Alec McLean, CEO of Lamellar Biomedical, said: "We are pleased to have closed this Series C fund raising, which will allow us to generate further significant value from our pipeline of potentially groundbreaking LAMELLASOME[TM] based products. We are running clinical trial programmes with Lamelleye and Visco-ease to demonstrate the clear benefits that they can deliver to patients with DED and RIX, respectively. Our First-in-Human study with Muco-ease in CF is expected to start in H2 this year. From these and our other IP, I am also confident that we can build a valuable pipeline of pharmaceutical products based on our unique LAMELLASOME[TM] platform."
The funds that have been raised will be used to:
- Support the commercialisation of both Lamelleye and Visco-ease globally through partners
- Generate clinical data with Muco-ease to position it for a potential co-development deal
- Expand Lamellar's pipeline of LAMELLASOME[TM] based pharmaceuticals targeting indications with high unmet medical needs including infection
Kerry Sharp, Head of the Scottish Investment Bank, said, "Lamellar is a great example of an innovative biotech company using new technology for differentiated product development. Scottish Enterprise works with Lamellar through its account management approach as well as investment from SIB, and we are pleased to continue our support with further investment."
About Lamellar Biomedical
Lamellar Biomedical is the only company globally focused on LAMELLASOME[TM] technology (micron-scale lipid vesicles) which has multiple medical applications.
Lamellar Biomedical's development pipeline includes a number of patent-protected medical devices and pharmaceuticals targeting Dry Eye Disease, RIX, Cystic Fibrosis and Infection. These are all conditions that are poorly served by current medications and therefore represent areas of high value unmet medical need.
LAMELLASOME[TM] technology produces mimetics of human serous lamellar bodies. These regulate the internal interfaces between human tissues as well as the interfaces between tissues and the external environment as in the mouth and lungs. They act biophysically are muco-restorative and have the potential to resolve a broad range of disease states that are associated with dry or sticky mucosal surfaces and topical infection, such as CF.
Lamellar Biomedical is based near Glasgow, Scotland. It has been financed by a range of investors including Invesco, Scottish Enterprise, Barwell and TRI Capital.
Invesco Perpetual is part of Invesco Ltd, an independent investment management firm - NYSE: IVZ; www.invesco.com. It is the business name of Invesco Fund Managers Limited, a company registered in England and Wales with number 898166 and authorised and regulated by the Financial Conduct Authority and Invesco Asset Management Limited, a company registered in England and Wales with number 949417 and authorised and regulated by the Financial Conduct Authority.
About the Scottish Investment Bank
The Scottish Investment Bank (SIB) is the investment arm of Scotland's main economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF), and the Renewable Energy Investment Fund. SIB is also an investor in Epidarex Capital's life sciences fund. SIB's investment funds support Scotland's SME funding market to ensure businesses with growth and export potential have adequate access to growth capital. SIB also provides a team of Financial Readiness specialists to help companies prepare for new investment and access appropriate finance.
For further information, please contact:
Dr Alec McLean
Citigate Dewe Rogerson
David Dible/ Pip Batty