Accelerating ambition of building a world leading, diversified orthobiologics company

A significant step in its strategy of creating a differentiated, portfolio of best-in-class technologies that address the clear unmet needs of the surgeon

Locate Bio, an orthobiologics focused regenerative medicine company, today announced the in-licencing of multiple late stage orthobiologics assets from RCSI University of Medicine and Health Sciences.

The technologies developed by the RCSI Tissue Engineering Research Group have extensive pre-clinical and human data demonstrating their effectiveness in the treatment of both hard and soft tissues.  The RCSI licensing deal includes best in class, proprietary, natural collagen-based delivery technologies,  which have been developed into products for the regeneration of bone, the treatment of infection and regeneration of cartilage tissues.

Locate Bio’s ambition is to build a world leading, diversified orthobiologics company with a suite of best-in-class technologies that address the performance limitations of existing products and enable orthopaedic surgeons to improve the lives of people suffering from debilitating conditions. The bone grafting market is ripe for disruption as surgeons are forced to compromise between fusion rates, side effects, convenience and affordability. Locate Bio’s proprietary, regenerative medicine technology pipeline is delivering exciting orthobiologics products.

The in-licencing of the assets from RCSI provides additional depth and breadth to its current orthobiologics portfolio and accelerates its route to market. The company is looking for additional, complementary acquisition or in-licencing opportunities that would further broaden the portfolio to provide surgeons with a choice of best-in-class technologies and products that address the current challenges of existing products and meet the specific patient driven clinical need.

Locate Bio is currently seeking to establish a corporate presence in Ireland to further exploit these and future orthobiologic opportunities.

RCSI University of Medicine and Health Sciences is a world-leading international, independent university exclusively focused on education and research to drive improvements in human health worldwide. Established in 1784, to set and support professional standards for surgical training and practice in Ireland, today RCSI maintains a singular focus on health, with a clinically-led, patient-centred approch at the core of its research, education and training.

John von Benecke, CEO of Locate, said:

“I am very excited by the addition of these high-quality, complementary, late stage products to our portfolio. This is an important step in our drive towards building a world leading orthobiologics business, with our platforms now covering several key areas across the waterfront of clinical use. We continue to make excellent progress with our lead product for spinal fusion and I look forward bringing these new assets through the regulatory approval process in the near future.”

Dr Ian Wilding, Chairman of Locate said:

“The in-licensing of these late stage orthobiologics assets accelerates the Company’s ambitions and is another step in our strategy towards creating a differentiated, complementary portfolio of high value, innovative products, with strong IP and a well-defined path to market.”

Peter Dines, Chief Operating Officer of Mercia, said:

“We are delighted by the significant progress that Locate is making, both with their lead product, which has the potential to disrupt a $3bn* market, and with significantly rounding out of their value proposition with the addition of these assets.”

Professor Fergal O’Brien, Head of the RCSI Tissue Engineering Research Group and Director of Research and Innovation at RCSI, added:

“We are very pleased to be partnering with Locate Bio in this licensing deal. It is a clear validation of the excellent work being done within RCSI that we can attract businesses like Locate Bio to take these  products developed in our Tissue Engineering Research Group and AMBER, the SFI Centre for Advanced Materials and Bioengineering Research,  into international markets.  The opportunity to translate next generation medical technologies from our research labs to the clinic in partnership with Locate Bio is  perfectly aligned with RCSI’s mission. This partnership will unlock the potential of our technologies to improve treatments and quality of life for patients with orthopaedic conditions.”

* DRG Medtech 360 Bone Graft Substitutes 2019

NOTTINGHAM, UK, 15 May 2020 – Locate Bio Ltd (“Locate”), an orthobiologics company pursuing multiple high value spinal opportunities, today announces that John von Benecke has been appointed CEO to drive Locate’s lead program for spinal fusion and continue to build out its spinal pipeline.  John von Benecke has served as COO/CFO for Locate since September 2019 and has significant experience in both large corporate healthcare businesses and smaller MedTech start-ups. John’s previous experience includes an executive role at ApaTech Ltd, a leading UK orthobiologics success story, during its period of rapid international growth through to a $330m exit to Baxter.

John von Benecke, CEO of Locate, said:

I am delighted to have been given the opportunity to lead the Locate team and ultimately to bring products to market that will help surgeons around the world improve the lives of people suffering with debilitating spinal conditions.

Dr Ian Wilding, Chairman of Locate said:

I am delighted by John’s promotion. As we focus on our significant orthobiologics opportunities, his spine industry knowledge and broad experience of taking high growth start-ups through significant value growth points will be critical.

Peter Dines, Chief Operating Officer and Head of Life Sciences & Biosciences of Mercia Asset Management, the lead investor in Locate said:

Locate has continued to make impressive progress in developing its lead program for spinal fusion – an area of core expertise. The lead product has the potential to disrupt a three-billion USD global market. We look forward to continuing to support John and the Locate team build a world leading orthobiologics business.

NOTTINGHAM, UK, 15 May 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 both to 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 IntraStem 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.

ENDS

 

Today we have announced our change of name from Locate Therapeutics Limited to  Locate Bio Limited and received a new direct investment of £0.5 million from Mercia Technologies PLC (AIM: MERC) (“Mercia”).

The Company’s change of name reflects its broader product-based strategy in regenerative medicine, as it targets even larger market opportunities for its proprietary technologies. As one of the leaders in its field, Locate has developed a novel regenerative medicine platform comprised of TAOS®, a tissue repair matrix and IntraStem, a next generation transfection technology with potential applications in gene and cell therapy. These technologies address key unmet needs in the regenerative medicine field, which currently represents a $20bn global market that is forecast to grow with a CAGR of 26%. Utilising its TAOS technology, the Company’s existing product development pipeline comprises a late-stage development program targeting osteomyelitis (bone infections) which is partnered with a major European orthopaedics company, along with several unpartnered novel regenerative medicine programs. Locate is now seeking to expand its pipeline, including with IntraStem-based product opportunities, as well as making its technologies available to third parties for non-therapeutic applications.

Locate also announces today that Mercia Technologies PLC, the national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high-growth potential from the UK regions, has made a new direct investment into the company. Following this further investment, Mercia now holds a 6.0% equity stake in the company. The investment monies will enable Locate to conduct key preclinical proof of concept studies to underpin new product opportunities.

Julian Viggars, Chief Investment Officer of Mercia Technologies PLC, said:

Locate demonstrates how Mercia can support the coupling of compelling, proprietary, university-derived technology with a strong team and clear market advantages developed within the Midlands, initially through our managed funds. The team at Locate has now successfully moved from the research and development phase to commercialisation. We have been impressed by this transition and foresee considerable potential for delivering shareholder value in the medium term.

Dr Ian Wilding, Chairman of Locate said:

Locate is entering an exciting new phase of growth as it targets even larger opportunities in the regenerative medicine field. Our name change and the investment from Mercia is a strong endorsement of this broader opportunity for Locate and the additional funds will enable us to conduct key preclinical studies to help consolidate our position as a next generation cell and gene therapy company.

ENDS