Lamellar chooses series C regimen
Posted on 09 May, 2017 by Thierry Heles, editor
Scottish Investment Bank has returned to support a $7.4m series C round for Lamellar Biomedical, having also backed the series A and B rounds.
UK-based medical device manufacturer Lamellar Biomedical raised £5.75m ($7.4m) in a series C round yesterday that included the Scottish Investment Bank (SIB), the investment arm of state-owned economic development agency Scottish Enterprise.
The round was led by Invesco Asset Management on behalf of undisclosed clients.
Lamellar has developed a platform dubbed Lamellasome that underpins a range of medical devices and pharmaceuticals including Lamelleye, which targets dry eye disease, Muco-ease, which targets cystic fibrosis, and Visco-ease, aimed at radiotherapy-induced xerostomia.
The company focuses on conditions suffering from a high unmet clinical need.
The cash will go towards the commercialisation of Lamelleye and Visco-ease through a global partnership network, the generation of clinical data for Muco-ease to position it for a possible co-development deal and the expansion of Lamellar’s pipeline.
SIB previously contributed to a £2.3m series B round in 2015 alongside Invesco, Barwell, TRI Cap and unnamed angel investors. The same group investors also supplied £3.3m in series A funding in 2013.
Kerry Sharp, head of the Scottish Investment Bank, said: "Lamellar is a great example of an innovative biotech company using new technology for differentiated product development.
“Scottish Enterprise works with Lamellar through its account management approach as well as investment from SIB, and we are pleased to continue our support with further investment.”
See more from this Government Report: Scotland
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