Mercia Technologies PLC New Emerging Star investment into Locate Bio
October 16 2018 - 2:01AM
RNS Non-Regulatory
TIDMMERC
Mercia Technologies PLC
16 October 2018
RNS REACH 16 October 2018
Mercia Technologies PLC
("Mercia")
Mercia announces new Emerging Star investment into Locate
Bio
Mercia Technologies PLC (AIM: MERC), the national investment
group focused on the identification, creation, funding and scaling
of innovative technology businesses with high-growth potential from
the UK regions, is pleased to announce a new direct investment of
GBP0.5million into Locate Bio Limited ("Locate").
Locate is a specialist regenerative medicine and medical device
company based in Nottingham. As one of the leaders in its field,
the Locate team has been working for over a decade on developing a
novel drug delivery system (TAOS(R)) and associated gene editing
technologies (IntraStem), with an initial focus on orthopaedic
applications. Its lead product is a treatment for osteomyelitis,
for which Locate has partnered with a major European medical device
developer. In addition, it is developing a product to precisely
control bone growth, a significant clinical problem with a
$7.0billion worldwide market. Mercia's investment will be used to
further expand Locate's existing product portfolio as well as new
product opportunities utilising its IntraStem technology. The
global regenerative medicine market is estimated to be worth
$20.0billion and is forecast to be growing at a CAGR of 26.0%.
Following this initial investment Mercia holds a 6.0% equity
stake in Locate. This direct investment follows on from an initial
investment by Mercia's third-party managed funds.
Dr Ian Wilding, Chairman of Locate, said: "The investment from
Mercia is a strong endorsement of Locate's technology platform and
pipeline of regenerative medicines. These funds will enable us to
conduct key preclinical studies to help consolidate our position as
a next generation cell and gene therapy company."
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."
For further information, please contact:
Mercia Technologies PLC +44 (0)330 223 1430
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial
Officer
www.merciatech.co.uk
Cenkos Securities plc +44 (0)20 7397 8900
Stephen Keys (NOMAD and Joint Broker)
Canaccord Genuity Limited +44 (0)20 7523 8000
Simon Bridges, Emma Gabriel (Joint
Broker)
Buchanan +44 (0)20 7466 5000
Bobby Morse, Chris Lane, Stephanie
Watson
www.buchanan.uk.com
About Mercia Technologies PLC
Mercia is a national investment group focused on the funding and
scaling of innovative technology businesses with high growth
potential from the UK regions. Mercia benefits from 19 university
partnerships and offices across the Midlands, the North of England
and Scotland providing it with access to high quality, regional
deal flow. Mercia Technologies PLC is quoted on AIM with the epic
"MERC".
Mercia's 'Complete Capital Solution' initially nurtures
businesses via its third-party funds (now with circa GBP400million
under management) and then over time Mercia can provide further
funding to its 'Emerging Stars' by deploying direct investment
follow-on capital from its own balance sheet. Since its IPO in
December 2014, Mercia has invested over GBP63million directly
across its portfolio of 'Emerging Stars'.
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END
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