Investee Company – Phoqus Ltd (UK)
Investee Company Business Type – Develops drug delivery systems
Type of Financing – Second round
Equity Providers -Abingworth, Advent Venture Partners, Abbey National, Wellcome Trust, 3i Group plc
Equity Leader (Individual) – David Leathers (Abingworth)
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £13.2 million
Total Deal Value – £13.2 million
Other Advisors – Cambridge Consultants, SJ Burwin, Gouldens
Comments – Kent-based Phoqus, a developer of drug delivery systems, has raised £13.2 million in a second round of funding.
The deal was led by Abingworth, a long-established venture capital firm specialising in early stage life science investments with offices on both sides of the Atlantic. Abingworth was joined by Advent Venture Partners, Abbey National, Wellcome Trust and 3i Group plc. Phoqus intends to use the capital to expand and to affirm its position as a market leader.
Both Advent Venture Partners and 3i participated in Phoqus’ first round of funding in 1999.
Founded in 1997, Phoqus’ purpose is to develop and commercialise a range of drug delivery systems. It is developing its LeQtradrose technology for coating the surface of tablets, using the electrostatic process employed in photocopying.
David Leathers, director of Abingworth, said the new capital would give Phoqus: “?additional resources to develop new applications for its existing technology and to scale up its manufacturing capability,” leaving them “?in a strong position to exploit this [market] opportunity.”