CamStent’s £500k funding round cornerstoned by £114k investment by new and existing LBA shareholders
Early Stage Cambridge based polymer coatings specialist CamStent has successfully closed an oversubscribed £400k funding round, closing with subscriptions in excess of £500k. The round was cornerstoned by a £114k investment by new and existing LBA shareholders, including an £18k follow on investment by the LBA EIS Roundtable Syndicate Fund 2011. Investor funds have been supplemented by a £250k non-dilutive grant from the Technology Strategy Board. This funding round follows the £350k seed funding round which the company completed in August 2011, including a £50k investment by the LBA EIS Roundtable Syndicate Fund 2011. The company is developing patented polymer coatings that resist the growth of bacteria on medical implants and devices, the first application being to coat urinary catheters in order to prevent Urinary Tract Infections, which account for 40 per cent of all hospital acquired infections. The funds will be used to take the company’s proprietary technologies through validation, experimental trials and regulatory submissions ahead of human clinical trials.
Dave Hampton, CamStent CEO, comments, “We’ve been very grateful for the ongoing support of LBA and our existing shareholders and are delighted to welcome several new investors. On the back of our encouraging microbiology results and a successful 12 months, there was a high level of interest from new investors leading to the significant oversubscription. We are looking forward to accelerating our first coating application, for urinary catheters, towards human clinical trial and licensing.’
Anthony Clarke, Managing Director of London Business Angels, comments, “CamStent presented to LBA in February 2012 and have completed their £500k funding round at a 60% valuation uplift on the last round inside2 months – this is a very good example of the willingness of new and existing LBA investors to support a highly innovative early stage company which has met all of its budgetary targets and operational milestones with a clear roadmap for the future. – my congratulations to Dave and his team”