Locate Bio, a spin-out of the University of Nottingham specialising in orthobiologics products, has raised £10 million of equity funding in an oversubscribed investment round. The funding round was led by Mercia Asset Management (an existing Locate Bio shareholder) and BGF.
The funding round, which brings the company’s total funds raised to more than £18 million, will enable it to advance its proprietary pipeline of products. The company’s products focus on regenerative orthobiologics medicine, such as its lead product LDGraft, which is used in treating degenerative disc disease.
The company has several forthcoming clinical and regulatory milestones within the next two years as it targets further growth. Ultimately, it aims to offer a range of best-in-class technologies which overcome the limitations of existing technologies while assisting in the treatment of people with debilitating orthopaedic conditions.
Following the funding round, Locate Bio’s CEO John von Benecke said: “This investment round is truly transformational for Locate Bio and I would like to thank Mercia for their continued support and collaboration and to welcome BGF.”
“We are developing a suite of promising next-generation orthobiologics products that have the potential to disrupt the market and bring significant benefits to patients with debilitating conditions.”
“Following our spin out from The University of Nottingham’s internationally recognised School of Pharmacy, we bring the strength of controlled drug delivery, to the principally medical device field of orthopaedics.