Date: 2013-12-30
Type of information: Fundraising
Company: TopiVert (UK)
Investors: Imperial Innovations (UK)
Amount:
Funding type: fundraising
Planned used:
Others: * On December 30, 2013, Imperial Innovations has announced that the technology commercialisation and investment group has taken part in a further funding round in existing portfolio company TopiVert, which is developing topical anti-inflammatories for the treatment of diseases of the gastrointestinal tract and eye. In December 2011, Innovations invested £4m in TopiVert and in the current round has increased its total commitment to £8.5m cash. It is expected that this will be drawn down alongside further investment by existing investor SV Life Sciences, and new investors NeoMed Management and Johnson & Johnson Development Corporation (JJDC). Following this, the carrying value of Innovations\' stake in TopiVert will be £8.6m.
TopiVert operates from the Imperial College Incubator managed by Innovations, and at this early stage is pre-revenue. It made a loss of £4m in the last financial period (sixteen months) ending December 2012 as it continued to develop its narrow spectrum kinase inhibitor (NSKI) technology.
TopiVert is developing technology it has licensed based on NSKI - related intellectual property. It retains exclusive rights over newly discovered NSKIs which have application in the treatment of inflammatory eye and gut diseases such as uveitis and inflammatory bowel disease (IBD). Uveitis is an inflammation of the intermediate layer of the eye, the uvea, and can lead to serious complications if not treated quickly, including loss of vision in the affected eye. Inflammatory bowel disease refers to a group of inflammatory conditions that affect the colon and the small intestine, including Crohn\'s disease and ulcerative colitis.
Therapeutic area: Gastrointestinal diseases - Digestive diseases - Inflammatory diseases - Ophtalmological diseases
