Following the completion of the investment, Novacta will appoint Dr. Richard Garraway and Dr. Bob Milsted, both partners of CPHA, to its Board of Directors. In a further Board change, the Chairman Dr. Andrew Sandham will retire from the Board on completion and will be replaced by Dr. Andy Richards. The new directors bring significant drug development, financial and corporate development experience to Novacta.
Commenting on the investment, John Mayo, Managing Partner of CP2 said: "The urgent need for new antibiotics is well known, Novacta represents a real opportunity to meet this significant unmet medical need in C. difficile infection, MRSA and related Gram-positive infections and Gram-negative infections, such as E. coli and Salmonella. Our investment in Novacta fits our model of taking a majority position in high quality companies with well differentiated technologies and bringing both funding and additional commercial, regulatory, drug development and manufacturing experience to increase both the probability of success and the value of the products. We are looking forward to working with the dynamic management team at Novacta under Tony Sedgwick, producing important new antibiotics and a great return for existing Novacta shareholders and Celtic Pharma investors alike."
Stephen Parker, a Partner in CP2 added: "This is the second in a series
of major investments in high-quality UK biotech companies. We were delighted
to see the announcement from the UK Government this week of the creation of
the Innovation Investment Fund-of-funds to invest in technology-based
businesses and we look forward to helping the Government fulfil its ambitions
in the UK life science sector as we continue
|SOURCE Celtic Pharma Holdings Advisors LLP|
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