Lamellar Biomedical, a privately held Scottish biotechnology company, has closed a £2.33 million equity capital investment round subscribed entirely by existing Shareholders. The round comprised a Rights Issue, which was oversubscribed, together with exercise of Warrants held by certain Shareholders.
Participating investors included funds managed by Invesco Asset Management Limited, the Scottish Investment Bank at Scottish Enterprise, Barwell Plc, members of TRI Cap and a number of other private investors.
The Company is developing patent-protected medical devices based on mimetics of extra-alveolar lamellar bodies. Diseases which may benefit from the application of mimetic lamellar bodies include Dry Mouth, Dry Eye and Cystic Fibrosis, all conditions poorly served by currently available medications.
The funding raised will be deployed to further develop the Class 3 medical devices, Visco-ease for Radiotherapy-Induced Xerostomia (RIX) and Lamell-eye for moderate to severe Dry Eye Disease (DED). The Company’s lead compound, LMS-611, is also being developed as a novel therapy for Cystic Fibrosis and has EU Orphan Drug status for this indication.
Later this year, a clinical study of Visco-ease for RIX will commence at the Beatson West of Scotland Cancer Centre. A clinical study of Lamell-eye for DED will follow at the Glasgow Caledonian University Vision Sciences Eye Clinic.
Kerry Sharp, head of Scottish Investment Bank, said: “We are very pleased to be investing in a company that is addressing significant public health needs and striving to improve the health of citizens on a truly global scale. Our investment will help Lamellar develop effective devices for the treatment of diseases that are currently underserved by existing medications.
We look forward to continuing to work with the Company to help realise its ambitious growth plans”.
More information is available at www.lamellar.com.
Contacts:
Dr Alec McLean Chief Executive Officer Tel: 01698-748832 Email: mcleana@lamellar.com
Dr Duncan Moore Chairman Tel: 07785-971715 Email: moored@lamellar.com
Notes to Editors
Invesco Perpetual is a business name of Invesco Asset Management Limited and part of Invesco Ltd, a leading independent global investment management firm. Invesco provides a wide range of investment strategies and vehicles to retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com. Further information about Invesco Perpetual can be found at www.invescoperpetual.co.uk.
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). SIB also manages the Renewable Energy Investment Fund and the Scottish Recycling Fund. SIB is the cornerstone investor in the privately-managed Scottish Loan Fund, managed by Maven Capital Partners and 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.
Barwell Plc is a specialist investor providing seed and venture capital to back entrepreneurs and unquoted companies with innovative technologies and significant growth potential.
TRI Cap is a leading Scottish business angels syndicate (www.tricapital.co.uk).
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