Mercia Technologies announced a new direct investment of £0.5m in Locate, a specialist regenerative medicine and medical device company based in Nottingham. Mercia’s third party managed funds already have investments in Locate, and following this investment Mercia now holds a 6.0% equity stake in the medical device company.
The company is developing a novel drug delivery system (TAOS®) and associated gene editing technologies (IntraStem). The funds from this investment are to be used to further expand Locate’s product portfolio and for new opportunities utilising its IntraStem technology.
Locate has partnered with a major European medical device developer for its lead product, which is used for the treatment of osteomyelitis. It is also developing a product to precisely control bone growth. The regenerative medicine market is estimated to be worth $20.0bn and is forecast to grow at a CAGR of 26.0%.
Julian Viggars, MERC’s chief investment officer, commented, “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.”