Imperial Innovations Group plc (AIM: IVO, "Innovations", or "the Group), the UK's leading technology commercialisation and investment company, has led a £60m funding round for one of its accelerated growth portfolio companies, Circassia. Circassia is a speciality biopharmaceutical business focused on the development of anti-allergy products.
In addition to the £15m that Innovations has committed to investing, Invesco Perpetual and other existing shareholders are supporting the funding round which will be made in two tranches over two years. Innovations' first installment is £6.3m. The balance will be paid subject to the achievement of certain milestones.
To date, Circassia has successfully completed four investment rounds, raising £93.1m. Following the payment of the first tranche, Innovations holds 18.4% of the equity and has invested £13.8m in total to date.
The new investment will fund Circassia's:
•Phase III development programmes for cat and ragweed allergy therapies
•Completion of Phase II testing for house dust mite and grass allergy T-cell vaccines
•Advancement of development programmes of three additional allergy therapies as well as Circassia's recently acquired psoriasis treatment.
Russ Cummings, Innovations' Chief Investment Officer is on Circassia's Board, which is chaired by Sir Richard Sykes. The £60m raised is the third largest financing for a private European biotech company for 15 years.
Susan Searle, Chief Executive Officer of Imperial Innovations, said,
"This funding round, our largest to date, for one of our leading portfolio companies is a clear demonstration of intent - both in terms of value creation and, as previously stated, support of our larger successful companies with substantial funds.
"Circassia has made great progress in the last five years, having completed a range of major clinical developments. Its unique ToleroMune® technology has the potential to revolutionise allergy treatment in a market that is worth approximately $12 billion per year.
"The funding will play a key role in progressing the company's lead products to market."
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