22nd Feb 2016 07:42
LONDON (Alliance News) - Investment company Imperial Innovations Group PLC on Monday said it has led a GBP13.5 million funding round for London-based retinal therapeutics company Precision Ocular Ltd.
Imperial has committed GBP6.9 million to the funding round and has taken a 28.5% interest in Precision Ocular. Pharmaceutical services company Consort Medical PLC also took part in the funding round, Imperial said.
Precision Ocular was founded in 2014 and works on developing retinal treatments to access small spaces in the eye and provide drug distribution to tissues specifically involved in retinal diseases.
"Precision Ocular is pioneering an approach that offers tailored drug distribution and a likely reduction in side-effects, by virtue of the fact that the active drug will not contact the whole eye. Their approach packages the drugs in a novel form that allows easy administration, ocular distribution and controlled release," said Imperial Innovations Chief Investment Officer Nigel Pitchford.
"We believe Precision Ocular has the potential to develop a platform technology with broad applicability," he added.
Consort Medical said it has committed up to GBP3.3 million to the funding round and that it has entered into a strategic development and manufacturing agreement with Precision Ocular.
Under the agreement, Consort will work on scaling up the production of Precision Ocular's products. No financial details were disclosed on the agreement, but Consort will be granted a board seat at Precision Ocular through the investment.
By Sam Unsted; [email protected]; @SamUAtAlliance
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