EctoPharma gain £2m
EctoPharma, an emerging life sciences company, has received funding
EctoPharma, an emerging life sciences company that is developing non-toxic pesticides for the healthcare and veterinary markets, has received funding.
The investment from Braveheart was part of a £2m round of financing into the company, which was significantly oversubscribed.
Braveheart led the financing with other investors including TRI Capital, Lochside Investments and existing shareholders.
This is Braveheart’s first investment since the group’s shares commenced trading on AIM on March 30.
The financing will provide the working capital which will be predominantly used to complete phase three clinical trials of KindaPed, a treatment of head lice. It is expected that the money will be sufficient to take the product through to market.
Other products in the EctoPharma range can be used for the treatment of conditions such as human head lice, canine mange and cattle tick.
As the products are non-toxic products they are less dangerous and associated with fewer health and environmental concerns than synthetic pesticides, the company say.
Magnus Nicholson, chief executive at EctoPharma, said: “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.”
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