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Mercia Technologies (MERC)

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Wednesday 15 May, 2019

Mercia Technologies

£2.0million syndicated investment into Locate Bio

RNS Number : 0363Z
Mercia Technologies PLC
15 May 2019
 

RNS

15 May 2019

 

 

Mercia Technologies PLC

("Mercia", "Group")

 

£2.0million syndicated 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, today announces that its Life Sciences direct investment, Locate Bio Limited ("Locate"), has received an additional £2.0million of investment.

 

Locate, which is based in Nottingham, one of Mercia's target investment regions, has received £1.8million of direct investment from Mercia, with the balance coming from the Midlands Engine Investment Fund, which the Group manages on behalf of the British Business Bank. Mercia's direct equity stake is now 21.6%.

 

Locate is a gene and cell therapy company developing a pipeline of next generation medicines which utilise its proprietary technologies for non-viral gene therapy and cell therapy. The company is currently expanding the application of its technologies (IntraStem™ and TAOS®) into new therapy areas, beyond musculoskeletal, to provide further in-house development and partnering opportunities.

 

Nick Staples, CEO of Locate Bio Limited, said: "Locate is in an exciting phase of growth and these new funds will allow us to further develop our non-viral gene therapy technology IntraStem™ while continuing to utilise our TAOS® platform for cell delivery and other applications. These next generation technologies overcome current industry challenges in the fast-growing gene and cell therapy fields, providing a major business opportunity for Locate."

 

Peter Dines, Chief Operating Officer and Head of Life Sciences & Biosciences of Mercia Technologies PLC, said: "Locate has continued to make important progress in developing its TAOS® and Intrastem™ technologies. These proprietary technologies have the potential to address multi-billion pound markets in the exciting and fast-growing areas of gene and cell therapy. We look forward to continuing to support Nick and the Locate team move this cutting-edge technology forwards."

 

 

Ends

 

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   




Canaccord Genuity Limited

+44 (0)20 7523 8000

Simon Bridges, Emma Gabriel (NOMAD and Broker)




Buchanan

+44 (0)20 7466 5000

Bobby Morse, Chris Lane, Vicky Hayns, Stephanie Watson


www.buchanan.uk.com


 

About Mercia Technologies PLC

 

Mercia Technologies PLC is a national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions. The Group 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 and then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet. Mercia has c.£500million of assets under management and, since its IPO in December 2014, has invested over £78million across its direct investment portfolio.

 

 


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