UK biotech's biggest fundraising for Vectura
AIM-listed inhaled drugs company Vectura has secured the largest fundraising in the biotechnology sector this year of £43m. AIM-listed inhaled drugs company Vectura has secured the largest fundraising in the biotechnology sector this year of £43m.
Vectura raised funds through institutional investors and a share sale and plans to use the funds to progress key products independently before seeking co-development deals, and to take other products to the stage where regulatory approval can be sought.
The Cambridge-based pharmaceutical development company specialising in inhaled medicines, intends to use funds from the placing to focus on VR315, a generic combination product for asthma, as well as taking its inhaled treatment for Parkinson's Disease up to Phase III trials before striking a licensing deal. The remaining funding will help Vectura develop novel inhalers.
Vectura’s Cambridge operation, which specialises in delivery devices is a throw-back to its acquisition in February 2002, of the Aspirair technology and the team within Cambridge Consultants that developed it.
Vectura was advised by law firm, Olswang and its broker/adviser, piper Jaffray.
Dr. Chris Blackwell , chief executive at Vectura, said: “ This fundraising is a significant step forward for Vectura. It follows an extremely successful period in the history of the company, in which we have demonstrated our ability to deliver on the objectives set out at IPO by taking the key products in our pipeline to the next stages of development and establishing three major licensing deals with international pharmaceutical companies.
“We have been delighted by investor appetite for Vectura stock in this over-subscribed fundraising, which we believe reflects our ongoing success and the strong prospects for the company.”
The company floated on AIM in June 2004, raising £20m and valuing it at £60m. Its lead products are a treatment for chronic obstructive pulmonary disease and another for erectile dysfunction. It recently announced it would also be developing an inhaled drug to treat premature ejaculation.
Vectura is now capitalised at about £106.35m.