Last checked at 4 Dec 2008 15:39
4 December 2008
Braveheart Investment Group plc
("Braveheart" or the "Group")
Follow-on Investment in Biopta Limited
("Biopta" or "the Company")
Braveheart (AIM: BRH), the technology commercialisation and investment management company, announces that it has led a £900,000 follow-on investment for Biopta Limited with Scottish Enterprise's Scottish Co-investment Fund and TRICapital Limited ("TRICap"). Other investors included the Directors and a number of private individuals.
Biopta was formed as a spin-out from Glasgow Caledonian University in 2002. The Company operates as a niche Contract Research Organisation ('CRO') providing non-clinical pharmacology services to the pharmaceutical, biotechnology and research industries, and it has also developed a novel testing instrument under the brand name of Perf-Exion. Braveheart investors participated in the Company's first major funding round in November 2004 and subsequently in a further equity round in June 2006.
The funds raised will allow Biopta to expand its drug development services. The Company has shown the market that early studies using ethically sourced human tissue can determine the safety and effectiveness of potential new drugs, which reduces the risk of late-stage failure in clinical trials. As a GLP-compliant (Good Laboratory Practice) business Biopta appears to be in a good position to take advantage of a rapidly growing and changing market.
Commenting on the investment, Geoffrey Thomson, Chief Executive of Braveheart said, "We are delighted to see further investment in Biopta and welcome TRICap investors on board as shareholders."
Elaine Ferguson, Finance Director at Biopta commented ''This investment is a great vote of confidence from both existing investors and new investors who recognise that Biopta has developed a strong brand as experts in human tissue research in an emerging market."
For further information please visit www.braveheart-ventures.co.uk or contact:
| Braveheart Investment Group | Tavistock Communications (for Braveheart) |
| Geoffrey Thomson, Chief Executive | Simon Hudson / James Midmer |
| Tel: 01738 587555 | Tel: 020 7920 3150 |
| gthomson@braveheart-ventures.co.uk | shudson@tavistock.co.uk |
| Biopta | |
| David Bunton, COO | |
| Tel: 0141 330 3831 | |
| davidbunton@biopta.com |
Notes to Editors
Braveheart Investment Group is a technology commercialisation and investment management company based in Perth, Scotland. Since its formation in 1997 it has made the transition from start-up angel syndicate to fully listed company. Braveheart's shares listed on AIM in March 2007.
Investments are made in young, emerging, unlisted companies where there is potential for significant growth through successful commercialisation of IP and Braveheart enjoys close relationships with several universities to identify emerging technologies. Investments are predominantly technology-focused; however the Group also maintains limited exposure to more traditional businesses.
Braveheart's diverse portfolio currently comprises over 30 companies and it has completed over 75 deals in its eleven year history, including 6 IPOs, 3 trade sales and 8 write-offs and has an exit IRR of 33%.
At the 2008 Ernst & Young Entrepreneur of The Year Awards (Scotland) Braveheart CEO Geoffrey Thomson was given a special award recognising his contribution and support of emerging technology businesses in Scotland over the past decade.