Innovations supports funding round in Pulmocide

RNS REACH

20 March 2017

Touchstone Innovations plc

Innovations supports £25m Series B funding round in Pulmocide

Touchstone Innovations plc (AIM: IVO, 'the Group', 'Innovations') has participated in a £25.0 million Series B funding round in Pulmocide Ltd ("Pulmocide" or "the Company") committing £3.0 million to the round alongside new investors SR One and Longwood Fund, plus existing investors SV Life Sciences, F-Prime Capital, Johnson & Johnson Innovation (JJDC, Inc.).

Pulmocide is a privately-held drug development company located in London which is developing novel small molecule inhaled medicines for the treatment of life threatening respiratory infections caused by respiratory syncytial virus (RSV) and Aspergillus.

This new funding will enable Pulmocide to advance its assets through early clinical development. Pulmocide is on track to deliver proof of concept data in RSV using its highly potent inhaled RSV antiviral agent (PC786) in human RSV challenge and in infants hospitalised with bronchiolitis due to RSV infection.

Pulmocide will also be progressing its PC945, a potent azole antifungal for the treatment of pulmonary Aspergillosis, including fungal asthma, pulmonary Aspergilloma, Aspergillus infections in lung transplant recipients and patients with cystic fibrosis.

Maina Bhaman, Director of Healthcare Ventures at Touchstone Innovations, said:

"We continue to support this strong entrepreneurial management team to progress the Company's two novel compounds through early clinical development; another step closer to a treatment for patients with life-threating lung infections.

"Pulmocide is yet another example of a portfolio company that has been able to attract a powerful group of investors and we would like to welcome SR One and Longwood to the syndicate."

As at 31 July 2016, the Group had a 24.1% interest in the issued share capital of Pulmocide. Following this new investment Innovations will hold a 18.5% stake in the issued share capital of the Company.

For further information contact:

About Touchstone Innovations - www.touchstoneinnovations.com

Touchstone Innovations plc (formerly Imperial Innovations Group plc or just "Innovations") creates, builds and invests in pioneering technology companies and licensing opportunities developed from outstanding scientific research from the 'Golden Triangle', the geographical region broadly bounded by London, Cambridge and Oxford.

This area has an unrivalled cluster of outstanding academic research and technology businesses, and is home to four of the world's top 10 universities, as well as leading research institutions, the cream of the UK's science and technology businesses and many of its leading investors.

Innovations supports scientists and entrepreneurs in the commercialisation of their ideas through protecting and licensing out intellectual property (through its Technology Transfer subsidiary, Imperial Innovations), by leading the formation of new companies, by recruiting high calibre management teams and by providing investment and encouraging co-investment. Innovations remains an active investor over the life of its portfolio companies, with the majority of Innovations' investment going into businesses in which it is already a shareholder.

Since becoming a public company in 2006, Innovations has raised more than £440 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has agreed £80.0 million in loan facilities from the European Investment Bank (EIB).

Between Innovations' admission to AIM (August 2006) and 31 July 2016, Innovations has invested a total of £306.7 million across its portfolio companies, which have collectively raised investment of £1.5 billion.