Investee Company – Ardana Bioscience Ltd (Scotland)
Investee Company Business – Reproductive healthcare company
Type of Financing – Seed Financing
Equity Providers – Merlin Biosciences, MVM, ABN-AMRO Capital, 3i, Mitsubishi Corporation, Green Highlander LLC
Equity Leader (Individual) – Sir Christopher Evans (Merlin Biosciences)
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £13.3 million
Total Deal Value – £13.3 million
Other Advisors – N/A
Comments – Edinburgh-based Ardana Bioscience Ltd, a reproductive healthcare company, has raised £13.3 million in seed funding.
The deal was led by the Merlin Biosciences Fund, who invested £4 million. They were joined in this round by existing investor MVM, and new investors ABN-AMRO Capital, 3i, Mitsubishi Corporation and Green Highlander LLC. Ardana intends to use the capital to accelerate research, undertake strategic in-licensing and co-marketing initiatives, strengthen its core capabilities, establish new facilities and strengthen its senior management team.
Founded in July 2000, Ardana was created to address the unmet needs of the $16 billion per annum reproductive health market, focusing on male and female contraception, anti-infectives, endometriosis/ menstrual disorders, labour induction and female sexual dysfunction. An IPO is planned by 2004.
Ardana CEO Simon Best, commented: “We are delighted to have raised this substantial sum which is in excess of our initial expectations.”
Sir Christopher Evans, founder and chairman of Merlin Biosciences, said: “This is certainly a bioscience company to watch out for in the near term.”