Investee Company – Microscience Ltd (UK)
Investee Company Business – Develops vaccines
Type of Financing – Third Round
Equity Providers – Advent Venture Partners, JPMorgan Partners (Co-Leaders), Apax Partners Funds, Merlin Biosciences.
Equity Leader (Individual) – Patrick Lee (Advent Venture Partners) and Yalin Koradogan (JPMorgan Partners)
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £25.5 million
Total Deal Value – £25.5 million
Other Advisors – N/K
Comments – Wokingham-based Microscience Ltd, a developer of innovative vaccines, has raised £25.5 million in third round funding.
The deal was co-led by Advent Venture Partners and JPMorgan Partners. Existing shareholders Apax Partners Funds and Merlin Biosciences also contributed further funding. Microscience plans to use the capital to advance its five current vaccines to human trial stage to further the company’s vaccine development capability and to accelerate current programs.
Microscience received £9 million from Apax Partners and Merlin Biosciences in June 1999. Merlin, co-founder of Microscience, along with RPMS Technology, provided the initial £2.5 million seed funding in November 1999, and in April 2000 the Merlin Biosciences Fund exercised an option in Microscience and invested a further £3 million.
Founded in 1997, Microscience is a biotechnology company focused on the discovery and development of innovative vaccines for the prevention and treatment of disease in areas of unmet clinical need. The company has five vaccines in development: typhoid, neonatal group B streptococcus (GBS), meningitis, travellers’ diarrhoea (ETEC) and hepatitis B.
Microscience has used proprietary functional genomics and vaccine technology expertise as the basis of an expanding product portfolio, comprising three granted patents and many others covering over 300 genes and targets.
Rod Richards, CEO at Microscience, stated: “The financing will allow [Microscience] to move its portfolio well into its next planned stage of development which will significantly enhance thevaluation of the company.”