RNS London Stock Exchange
Locate Bio Limited Announces Locate Bio receives £2million Mercia investment
Wednesday, May 15, 2019 2:30 AM
Locate Bio receives £2.0 million investment from Mercia and the
MEIF to expand its cell and gene therapy pipeline
Bio management attending forthcoming BioEquity and BIO 2019 conferences
NOTTINGHAM, UK / ACCESSWIRE / May 15, 2019 / Locate Bio Ltd ("Locate"), a cell and gene therapy company using its proprietary next generation technologies to develop breakthrough and potentially curative therapies, today announces that it has received an additional £2.0 million of investment from Mercia Technologies PLC (AIM: MERC) and its third party fund, the Midlands Engine Investment Fund. The investment will allow the company to expand the application of its technologies, including its promising gene therapy technology IntraStem™, into new high value therapy areas to both broaden its in-house development pipeline and provide additional partnering opportunities.
Mercia Technologies PLC ("Mercia") is the UK national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high-growth potential from the UK regions. The £2.0 million financing announced today comprises £1.8 million of direct investment from Mercia and with the remaining amount coming from the Midlands Engine Investment Fund, which the Group manages on behalf of the British Business Bank. Mercia's direct equity stake is now 21.6%.
Nick Staples, CEO of Locate, said: "Locate is in an exciting phase of growth and these new funds will allow us to further develop our non-viral gene therapy technology IntraStemTM while continuing to utilise our TAOS® platform for cell delivery and other applications, as we look to expand our in-house pipeline. These next generation technologies overcome current industry challenges in the fast-growing gene and cell therapy fields, providing a major business opportunity for Locate."
Peter Dines, Chief Operating Officer and Head of Life Sciences &
Biosciences of Mercia, said: "Locate has continued to make important progress in developing its TAOS® and IntraStem™ technologies. These proprietary technologies have the potential to address multi-billion pound markets in the exciting and fast-growing areas of gene and cell therapy. We look forward to continuing to support Nick and the Locate team move this cutting-edge technology forwards."
Locate's CEO, Nick Staples and other members of senior management will be attending BioEquity on 20-2 May in Barcelona and BIO 2019 on 3-6 June in Philadelphia and will be available for meetings.
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For more information, please contact
Locate Bio Limited
+44 (0)115 784 0041
Nick Staples, Chief Executive Officer
Media: Richard Hayhurst ([email protected])
+44 (0)330 223 1430
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
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About Locate Bio Limited
Locate Bio ("Locate") is a cell and gene therapy company based in the UK with next generation technologies that it is using to develop potentially curative therapies.
The Company's key technologies IntraStem™ and TAOS® are both designed to address recognised industry limitations with current cell and gene therapy approaches. IntraStem is a next generation, non viral, peptide based vector that overcomes key challenges with other viral and non-viral transfection methods. TAOS is designed to deliver and maintain cells at the required site of action in an environment that promotes their therapeutic effects. Both technologies can be used alone or in combination for ex vivo and in vivo therapeutic applications.
Locate is developing a pipeline of high value musculoskeletal products and is looking to expand into in new therapy areas where cell and gene therapies may deliver breakthrough and potentially curative benefits to patients.
For more information visit: www.locatebio.com
About Mercia Technologies PLC
Mercia Technologies PLC is a national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions. The Group benefits from 19 university partnerships and offices across the Midlands, the North of England and Scotland providing it with access to high quality, regional deal flow. Mercia Technologies PLC is quoted on AIM with the epic "MERC".
Mercia's 'Complete Capital Solution' initially nurtures businesses via its third-party funds and then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet. Mercia has c.£500million of assets under management and, since its IPO in December 2014, has invested over £78million across its direct investment portfolio.
For more information visit: www.merciatech.co.uk
About the Midlands Engine Investment Fund (MEIF)
The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK's national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
The Midlands Engine Investment Fund covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.
The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit www.eib.org
The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands.
The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb.
About the British Business Bank
The British Business Bank is the UK's national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Our remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank is currently supporting more than £5.5bn of finance to over 78,000 smaller businesses (as at end of June 2018).
British Business Bank plc is a limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.
More information, including a legal structure chart for British Business Bank plc and its subsidiaries, can be found on the British Business Bank website.
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SOURCE: Locate Bio Ltd