Mercia takes £500,000 stake in BioCity company

Investment firm Mercia Technologies has taken a £500,000 stake in Nottingham life sciences company Locate Bio.

Locate is a specialist regenerative medicine and medical device company based Biocity. Mercia’s investment will be used to further expand Locate’s existing product portfolio as well as new product opportunities utilising its IntraStem technology.

The deal means Mercia holds a 6% equity stake in Locate.

Dr Ian Wilding, chairman of Locate, said: “The investment from Mercia is a strong endorsement of Locate’s technology platform and pipeline of regenerative medicines. These funds will enable us to conduct key preclinical studies to help consolidate our position as a next generation cell and gene therapy company.”

Julian Viggars, chief investment officer of Mercia Technologies, said: “Locate demonstrates how Mercia can support the coupling of compelling, proprietary, university-derived technology with a strong team and clear market advantages developed within the Midlands, initially through our managed funds. The team at Locate has now successfully moved from the research and development phase to commercialisation. We have been impressed by this transition and foresee considerable potential for delivering shareholder value in the medium term.”

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