Precision Medical CEO Tom Cavanagh
Contract drugmaker and delivery specialist Consort Medical has signed with eyecare company Precision Ocular to build up Precision's drug delivery system using Consort's device and manufacturing capabilities. As part of the deal, Consort joined a $19 million financing round for the U.K. startup.
Precision will make use of both Consort's device arm Bespak and its drug arm Aesica as it looks to bolster its own pipeline, which includes technology to map the ocular surface to allow for highly targeted drug delivery. Consort, also based in the U.K., will allow Precision to scale up its operation and further develop its platform.
"We are pleased to have Bespak as our development and manufacturing partner: this collaboration marks an important step in the commercial development of Precision Ocular," Precision CEO Tom Cavanagh said in a statement. "A significant attraction for us is Consort Medical's ability to offer Precision Ocular a one stop shop for development and eventual commercial manufacture of the final filled, finished and packaged product."
Additional investors in the financing included Imperial Innovations, Hovione and NeoMed.
Consort CEO Jon Glenn said in a statement: "Consort Medical is at the leading edge of innovation and our participation in Precision Ocular's equity financing once again highlights our commitment to investing in companies that are at the forefront of the development of new treatments, new markets and new opportunities."
- here's the release