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”
London Business Angels
Anthony Clarke, Managing Director
Tel: +44 (0)20 7321 5672
E-mail: enquiries@lbangels.co.uk
Web: www.lbangels.co.uk
About London Business Angels
LBA is one of the most experienced private angel networks in the UK. Since the early 1980s the network has been connecting innovating fast growth small and medium sized enterprises with investment through our network of business angel investors. LBA, part of Angel Capital Group, is professionally managed by a highly experienced management team, leveraging over 15 years’ experience in the early stage investment marketplace as established leaders in the development of new angel-led early stage investment initiatives, and nearly 30 years’ investing experience through the LBA network. LBA is a founding member of the British Business Angels Association, the industry's best practice trade association, and is also a member of EBAN, the European Business Angels Network.
About the LBA EIS/SEIS Approved RoundTable Syndicate Funds
The LBA EIS Approved RoundTable Syndicate Fund is the culmination of 30 years’ experience of pioneering innovation in the UK Angel investment market. This FSA regulated HMRC Approved EIS Fund offers LBA Investors an innovative way to acquire a portfolio of investments, while taking advantage of the personal tax relief offered by the Enterprise Investment Scheme. The First £300k LBA EIS RoundTable Fund 2010 was fully invested in January 2011, making four investments in leading edge technologies during the previous year, spread across a range of sectors: Eykona (medtech); Syrinix (cleantech); ipadio (mobile); The Electrospinning Company (nanotech).
Following the successful 2010 Fund, the LBA EIS Approved RoundTable Syndicate Fund 2011-12 closed for subscriptions on 13 May 2011, being 40% larger at £420k. The fund invested in 5 leading edge technologies spread across a range of sectors: Camstent (medtech), Momentum Bioscience (medtech), Phase Vision (high value manufacturing), Michelson Diagnostics (medtech), Isotera (cleantech)
The LBA EIS Roundtable Syndicate Fund 2012, closed for subsciprtions on 5th April 2012, being the largest raised to date at £455k. The fund will seek to invest in 5-6 early stage companies in the forthcoming year.
The LBA SEIS Roundtable Syndicate Fund 2012, closed for subscriptions on 19th October 2012 and will seek to co-invest across 4-5 SEIS eligible deals alongside LBA investors
