Braveheart Investment Group plc
03 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 management
company, announces it has made an investment in EctoPharma Limited, an emerging
life sciences company that is developing non-toxic pesticides for both the
healthcare and veterinary markets.
The investment from Braveheart and its clients was part of a £2 million round of
financing into the company, which was significantly oversubscribed. Braveheart
led the financing with other investors including TRI Capital, Lochside
(International) Investments Ltd and existing shareholders. This is Braveheart's
first investment since the Group's shares commenced trading on AIM on 30 March.
EctoPharma is an Edinburgh based pharmaceutical company developing therapeutic
pesticides for specific healthcare and pesticide markets, for conditions
including the treatment of human head lice, canine mange and cattle tick. The
company's proprietary technology has the potential to be the basis for a new
generation of safer pesticides with less adverse health effects and reduced
environmental implications than the organophosphate and synthetic pyrethroid
based pesticides commonly in use today.
The proceeds of the financing will predominantly provide the working capital to
enable EctoPharma to complete Phase 3 clinical trials for its lead product
KindaPedTM, for the treatment of head lice. In addition, it will provide the
finance for the company to conduct further studies for companion animal and farm
animal applications, as well as other research and development activities. It is
expected that the financing will be the final round of funding for the company
before 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, our
first investment into the business, underlines our strategy of building a
diverse 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 Limited
Geoffrey Thomson Richard Sunderland Magnus Nicolson
Chief Executive Rachel Drysdale
Simon Hudson
Tel: 01738 587555 Tel: 020 7920 3150 Tel: 0131 225 5132
This information is provided by RNS
The company news service from the London Stock Exchange