Consort Medical has joined Imperial Innovations, Hovione and NeoMed in a £13.5m funding round for Precision Ocular
Of the £13.5m equity raise, Consort's investment will be a total of £3.3m, of which the first tranche will be £2m, giving Consort a 12.2% shareholding, rising to 13.7% after the second tranche.
In addition, Consort and Precision Ocular have entered into a development and manufacturing agreement
Consort owns both Bespak and Aesica, the agreement with Precision Ocular will leverage Bespak's device development and manufacturing capability as well as Aesica's manufacturing and filling capabilities.
The focus of this collaboration will be the development, scale-up and industrialisation of Precision Ocular's novel drug products and drug delivery system, which is designed to access specific small spaces in the eye and to provide unique drug distribution to tissues specifically involved in retinal diseases, Consort said.
This approach optimises the pharmacokinetics and pharmacodynamics of both existing and new ophthalmic therapeutic agents and according to Consort, it may also increase therapeutic effectiveness, reduce side effects and minimise the frequency of treatment for certain patient groups.
Jon Glenn, chief executive officer of Consort Medical, said: "This is an exciting new partnership which will draw on the skills and expertise of both Consort companies, Bespak and Aesica, and is an important demonstration of the value of our recently announced single solution for device and drug combinations.
“Further it extends our competencies into the ocular therapeutic area in line with our stated strategy.
“Consort Medical is at the leading edge of innovation and our participation in Precision Ocular's equity financing once again highlights our commitment to investing in companies that are at the forefront of the development of new treatments, new markets and new opportunities."
Tom Cavanagh, chief executive officer at Precision Ocular, said: "We are pleased to have Bespak as our development and manufacturing partner: this collaboration marks an important step in the commercial development of Precision Ocular.
“A significant attraction for us is Consort Medical's ability to offer Precision Ocular a one stop shop for development and eventual commercial manufacture of the final filled, finished and packaged product."