Investment
Technology commercialisation specialists Braveheart Ventures of Perth, Scotland was lead investor in a £2million funding of EctoPharma Ltd, a life sciences company that is developing non-toxic pesticides for the healthcare and veterinary markets.
Braveheart led the financing with other investors, including TRI Capital, Lochside (International) Investments Ltd and existing shareholders.
This is Braveheart’s first investment since the company completed an initial public offering on London’s Alternative Investment Market, raising £10 million on 30 March.
EctoPharma, based in Edinburgh, is developing pesticides for conditions including the treatment of human head lice, canine mange and cattle tick. The company says its technology has the potential to be the basis for a new generation of pesticides with fewer safety problems than the pesticides based on organophosphates and synthetic pyrethroids commonly in use today.
The proceeds of the financing will predominantly provide the working capital to enable EctoPharma to complete Phase III clinical trials for its lead product KindaPed, for the treatment of head lice.
In addition, it will provide the finance for further studies for companion animal and farm animal applications, as well as other research and development activities. This is expected to be the final round of funding for the company before a licensing arrangement is entered into for the lead product.
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