22/02/2016 7:01am
UK Regulatory (RNS & others)
Consort Med. (LSE:CSRT)
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Today : Tuesday 23 February 2016
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RNS Number : 6696P
Consort Medical PLC
22 February 2016
Consort Medical PLC
22 February 2016
Consort Medical and Precision Ocular sign significant development and manufacturing collaboration agreement and complete equity investment
Agreement will leverage both Bespak and Aesica capabilities
Equity investment highlight's Consort's continuing commitment to support development of cutting edge treatments, markets and opportunities
Consort Medical plc (LSE: CSRT) ("Consort", "Consort Medical" or the "Group"), a leading, global, single source pharma services drug and delivery device company and Precision Ocular Ltd ("Precision Ocular"), a retinal therapeutics company, have entered into strategic development and manufacturing agreement. The agreement will leverage both Bespak's device development and manufacturing capability as well as Aesica's manufacturing and filling capabilities.
The focus of this collaboration will be the development, scale-up and industrialisation of Precision Ocular's novel drug products and drug delivery system, which is designed to access specific small spaces in the eye and to provide unique drug distribution to tissues specifically involved in retinal diseases.
This unique approach effectively optimizes the pharmacokinetics and pharmacodynamics of both existing and new ophthalmic therapeutic agents. It may also increase therapeutic effectiveness, reduce side effects and minimize the frequency of treatment for certain patient groups.
We believe Precision Ocular's proprietary drug products and drug delivery system has the potential to be a platform technology with broad applicability.
In addition, Consort Medical have subscribed to an equity financing completed by Precision Ocular today. The financing will raise a total of GBP13.5m. Investors include Imperial Innovations, Hovione, NeoMed and Consort Medical plc. Of the GBP13.5m equity raise, Consort's investment will be a total of GBP3.3m, of which the first tranche will be GBP2.0m, giving the Group a 12.2% shareholding, rising to 13.7% after the second tranche. Consort Medical will have a Board seat at Precision Ocular.
Jon Glenn, Chief Executive Officer of Consort Medical, commented:
"This is an exciting new partnership which will draw on the skills and expertise of both Consort companies, Bespak and Aesica, and is an important demonstration of the value of our recently announced single solution for device and drug combinations. Further it extends our competencies into the ocular therapeutic area in line with our stated strategy. 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."
Tom Cavanagh, Chief Executive Officer at Precision Ocular, added:
"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. 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."
Enquiries:
Consort Medical Tel: +44 1442 867920
Jonathan Glenn - Chief
Executive Officer
Richard Cotton - Chief
Financial Officer
FTI Consulting Tel: +44 20 3727 1000
Ben Atwell / Simon Conway
Consort Medical plc is a leading, global, single source pharma services drug and delivery device company. We are at the leading edge of innovation and we are committed to investing in patient, clinician and customer driven innovation to create new treatments, new markets and new opportunities.
Our businesses
Bespak is a global market leader in the manufacture of drug delivery devices for pharmaceutical partner companies, including respiratory, nasal, and injectables products, and the manufacture of devices for the point of care diagnostics market. www.bespak.com.
Aesica is a leading provider of finished dose and active pharmaceutical ingredient (API) development and manufacturing services to pharmaceutical partners. www.aesica-pharma.com.
We employ more than 2000 people globally of which 1400 are located in the UK. We have UK facilities in King's Lynn, Cambridge, Nelson, Milton Keynes, Cramlington, Queenborough and Hemel Hempstead, German facilities in Monheim and Zwickau and a facility in Pianezza, Italy. Consort Medical is a public company quoted on the premium list of the London Stock Exchange (LSE: CSRT). www.consortmedical.com.
This information is provided by RNS
The company news service from the London Stock Exchange