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.