Finance Wales backs Ocelus Ltd with second round
investment
19/01/10
A company developing a needle-free drug delivery device has
received close to £500,000 in second round investment and funding
from Finance Wales and the Welsh Assembly Government.
Ocelus Ltd of Newport, South Wales, is developing a unique
alternative to drug delivery treatment through needles for medical
purposes. The technology has the potential to create substantial
savings to drug companies and health services and reduce the
discomfort to patients associated with conventional drug delivery
methods.
The latest funding round includes £315,000 equity investment
from Finance Wales and a £147,000 grant from the Welsh Assembly
Government’s Single Investment Fund. It will allow the company to
advance its prototypes and optimize the technology for
commercialisation.
Led by Dr Andrew Kirby, a serial innovator in academia and
start-up companies, Ocelus Ltd received an initial £50,000 equity
investment from Finance Wales in 2008, along with a £50,000 grant
from the Welsh Assembly Government.
The latest investment from Finance Wales, a provider of
commercial funding to businesses in Wales, demonstrates the
potential of the company and its technology, according to Jocelyn
Brown, Associate at Finance Wales.
“Ocelus Ltd has progressed through the second stage of
industrial research, successfully demonstrating the manufacturing
techniques and undertaking the proof of concept trials in human
skin,” said Brown.
“The company’s technology has attracted a great deal of interest
internationally and our follow-on funding will allow it to progress
to the next stage prior to commercialisation of a novel drug
delivery system.”
Ieuan Wyn Jones, Minister for the Economy and Transport, said
the Assembly Government was committed to providing the necessary
support to help highly innovative companies develop new products
and processes.
He commented: “Investment by companies in research and
development is essential for the future growth of the economy which
is why we are pleased to support and encourage companies like
Ocelus Ltd to develop next generation products that have the
potential to make a real difference to the lives of people around
the world.”
The technology developed by Ocelus Ltd means certain drugs can
be delivered without a needle by pushing them through the skin via
hundreds of microscopic particles.
Taking drugs for hormone imbalances and diabetes, cancer pain
and many other treatments, including vaccines, could potentially be
made via the new delivery system which would reduce the pain and
inconvenience of an injection.
Dr Kirby said: “The Ocelus Microimplant Delivery System has
tremendous potential in the medical and pharmaceutical sector
globally, and this latest round of funding demonstrates Finance
Wales’ commitment to Ocelus Ltd and our technology.
“With this funding, we are able to continue development on our
innovative system, and work with leading micro-engineering, and
pharmaceutical formulation companies from around the world to
produce optimized prototypes for testing in human skin. Ocelus is
also working with Bang and Olufsen Medicom, a highly experienced
medical device design company, to maximize functional performance
and patient usability.
The company is about to move into new laboratory premises at
Imperial House, Newport, as part of its expansion.
Advisors on the deal were: Techical-commercial due diligence,
PharmaVentures; IP review, IP Pragmatics; Legal for Finance Wales,
Hugh James Solicitors; Legals for Ocelus, Capital Law.
Greg Williams, Senior Associate at Hugh James Solicitors, said:
"We are delighted to have advised Finance Wales on its equity
investment in Ocelus. We were particularly pleased to be involved
in this early stage investment into a life science company, which
included considering complex intellectual property issues, given
our considerable expertise in advising Finance Wales and others on
a number of other transactions in this exciting sector."
Media enquiries
E-mail: communications@financewales.co.uk
Telephone: 029 2033 8126