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.