Business
Investment into EctoPharma
Investment into EctoPharma.
About this update from Truetide Plc
[{"type":"text","content":"\n Braveheart Investment Group plc\n03 April 2007\n\n\n\n Braveheart Investment Group plc\n ('Braveheart' or the 'Group')\n \n Investment in EctoPharma Limited\n \n First Investment Since Flotation\n\nBraveheart (AIM: BRH), a technology commercialisation and investment management\ncompany, announces it has made an investment in EctoPharma Limited, an emerging\nlife sciences company that is developing non-toxic pesticides for both the\nhealthcare and veterinary markets.\n\nThe investment from Braveheart and its clients was part of a £2 million round of\nfinancing into the company, which was significantly oversubscribed. Braveheart\nled the financing with other investors including TRI Capital, Lochside\n(International) Investments Ltd and existing shareholders. This is Braveheart's\nfirst investment since the Group's shares commenced trading on AIM on 30 March.\n\nEctoPharma is an Edinburgh based pharmaceutical company developing therapeutic\npesticides for specific healthcare and pesticide markets, for conditions\nincluding the treatment of human head lice, canine mange and cattle tick. The\ncompany's proprietary technology has the potential to be the basis for a new\ngeneration of safer pesticides with less adverse health effects and reduced\nenvironmental implications than the organophosphate and synthetic pyrethroid\nbased pesticides commonly in use today.\n\nThe proceeds of the financing will predominantly provide the working capital to\nenable EctoPharma to complete Phase 3 clinical trials for its lead product\nKindaPedTM, for the treatment of head lice. In addition, it will provide the\nfinance for the company to conduct further studies for companion animal and farm\nanimal applications, as well as other research and development activities. It is\nexpected that the financing will be the final round of funding for the company\nbefore a licensing arrangement is entered into for the lead product.\n\nCommenting on the investment, Geoffrey Thomson, Chief Executive of Braveheart,\nsaid, 'Ectopharma is an impressive emerging life sciences company. This, our\nfirst investment into the business, underlines our strategy of building a\ndiverse portfolio of opportunities for Braveheart and our clients.'\n\nMagnus Nicholson, Chief Executive at Ectopharma, added, 'Ectopharma is well \npositioned to rapidly bring to market innovative pro...