3rd Apr 2007 07:01
Braveheart Investment Group plc03 April 2007 Braveheart Investment Group plc ("Braveheart" or the "Group") Investment in EctoPharma Limited First Investment Since Flotation Braveheart (AIM: BRH), a technology commercialisation and investment managementcompany, announces it has made an investment in EctoPharma Limited, an emerginglife sciences company that is developing non-toxic pesticides for both thehealthcare and veterinary markets. The investment from Braveheart and its clients was part of a £2 million round offinancing into the company, which was significantly oversubscribed. Braveheartled the financing with other investors including TRI Capital, Lochside(International) Investments Ltd and existing shareholders. This is Braveheart'sfirst investment since the Group's shares commenced trading on AIM on 30 March. EctoPharma is an Edinburgh based pharmaceutical company developing therapeuticpesticides for specific healthcare and pesticide markets, for conditionsincluding the treatment of human head lice, canine mange and cattle tick. Thecompany's proprietary technology has the potential to be the basis for a newgeneration of safer pesticides with less adverse health effects and reducedenvironmental implications than the organophosphate and synthetic pyrethroidbased pesticides commonly in use today. The proceeds of the financing will predominantly provide the working capital toenable EctoPharma to complete Phase 3 clinical trials for its lead productKindaPedTM, for the treatment of head lice. In addition, it will provide thefinance for the company to conduct further studies for companion animal and farmanimal applications, as well as other research and development activities. It isexpected that the financing will be the final round of funding for the companybefore a licensing arrangement is entered into for the lead product. Commenting on the investment, Geoffrey Thomson, Chief Executive of Braveheart,said, "Ectopharma is an impressive emerging life sciences company. This, ourfirst investment into the business, underlines our strategy of building adiverse portfolio of opportunities for Braveheart and our clients." Magnus Nicholson, Chief Executive at Ectopharma, added, "Ectopharma is well positioned to rapidly bring to market innovative products in the field of non-toxic pesticides. Our initial portfolio of products is very strong and this round of funding, led by Braveheart, will enable our company to progress the commercialisation of these products more rapidly." For further information, contact:Braveheart Investment Group Tavistock Communications EctoPharma LimitedGeoffrey Thomson Richard Sunderland Magnus NicolsonChief Executive Rachel Drysdale Simon HudsonTel: 01738 587555 Tel: 020 7920 3150 Tel: 0131 225 5132 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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