Subjects: Product/Service, Funding
Locate Bio Raises £9.2 Million to Progress LDGraft Clinical Study for Anterior Lumbar Interbody Fusion
Locate Bio, a pioneering orthobiologics company, today announces the successful completion of an oversubscribed £9.2 million funding round from both new investors and existing investors, Mercia Ventures and BGF. The proceeds will fund a clinical study of LDGraft, a bone graft substitute for spinal fusion.
This funding and the clinical trial known as RESTORE (A Randomized Study of LDGraft in Single Level Anterior Lumbar Interbody Fusion) marks a significant milestone in the company's mission to relieve suffering and restore the quality of life for millions of patients suffering from debilitating orthopaedic conditions worldwide.
Locate Bio combines decades of research in advanced drug delivery systems and utilises a proprietary protein encapsulation method to deliver a powerful therapeutic protein called rhBMP-2. This is combined with an osteoconductive scaffold in LDGraft, which received a US Food and Drug Administration (FDA) breakthrough device designation in 2023.
CEO John von Benecke said, "This oversubscribed funding round underscores the significant investor confidence in the company's vision and the potential of LDGraft to become the most relied-on bone graft substitute globally."
"With the rapidly ageing global population, there is an urgent need for products that address chronic, progressive, and debilitating back pain," added von Benecke. "With a design inspired by nature for a more biomimetic approach to the release of rhBMP-2, we are incredibly excited about the potential of LDGraft. The RESTORE clinical trial is an important step towards realising that ambition."
Jonathan Earl, investor at BGF, said: "Locate Bio has demonstrated significant progress in its drive towards developing innovative solutions that address a wide range of musculoskeletal needs. Their approach represents a significant breakthrough in this field and we look forward to providing continued support for the business as it moves through clinical trials and towards regulatory approval."
Alex Gwyther, investor at Mercia Ventures, said: "We have long believed in Locate Bio's mission to develop next generation orthobiologics that can transform patients' lives. We are pleased to see both the progress in the technology and the world-class team that the company has brought together."
About Locate Bio
Locate Bio is a UK-based, pioneering orthobiologics company committed to advancing medical innovation and transforming patient care.
Our vision is to build a world-leading orthobiologics company with products that dominate their respective market segments and where our people grow to their full potential.
Locate Bio is a spin-out from the University of Nottingham. The Company is backed by Mercia Ventures and BGF.
For more information about Locate Bio and its ground-breaking work, please visit www.locatebio.com
About Mercia Ventures
Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10 million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.
Mercia Ventures is part of Mercia Asset Management PLC and sits alongside its wider private equity, debt and proprietary balance sheet capital operations. The Group has 11 offices in the UK and Mercia Ventures' national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help its partner companies successfully achieve their ambitions.
About BGF
BGF was set up in 2011 and has invested over £3.9 billion in more than 560 companies, making it the most active growth capital investor in the UK and Ireland.
BGF has to date invested £200 million in the field of life sciences, supporting companies across the fields of diagnostics, medtech and digital health, as well as services, software and tools supporting therapeutic development.
BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 15 offices.
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