Haemostatix, a Nottingham company specialising in clotting agents, has been sold by venture capital owners for £8 million.
Haemostatix, based in BioCity on Pennyfoot Street, is a specialist in developing first-in-class topical clotting agents and was founded by Sarah Middleton and Professor Alison Goodall as a spin-out from the University of Leicester.
The technology is based on a novel class of molecule that binds directly to fibrinogen to promote haemostasis and is targeted at the global surgical bleeding market, worth more than $2 billion (£1.4 billion).
The company was established to commercialise a new technology platform based upon a specific peptide sequence that binds to fibrinogen, a protein essential to the formation of clots. The technology was first applied to the development of a systemic platelet substitute, but in 2010 the company re-focused on a topical coagulant, led by a new chief executive, Dr Ben Nichols and chairman Dr Robert Burns.
The company has developed two main products, PeproStat, a blood-free, ready-to-use topical liquid haemostat which is applied to wounds to control bleeding during surgery, and ReadyFlow, a blood-free, ready to use, transparent and flowable haemostatic gel packaged in a pre-filled syringe.
Albion Ventures, one of the largest independent venture capital investors in the UK, announced the sale of its stake in Haemostatix to Ergomed for £8 million with a contingent further £20 million.
Dr Miroslav Reljanovic, chief executive officer of Ergomed, said: "The acquisition provides an opportunity to advance our growth strategy through the development of our first proprietary development programme. I have confidence from the current pre-clinical and clinical data that the Haemostatix technology works as an effective haemostat.
"This combined with the rapid development and attractive market potential makes the acquisition a great extension of our co-development portfolio."
Ergomed, based in Guildford, is a profitable business providing drug development services to the pharmaceutical industry and has a growing portfolio of development partnerships.
Operating in more than 50 countries, it provides clinical development, trial management and other services to over 80 clients ranging from top ten pharmaceutical companies to small and mid-sized drug development firms.
Ergomed successfully provides and manages clinical development and is building a portfolio of partnerships with pharma and biotech companies which share the risks and rewards of developing drugs.
Investors in Haemostatix included Albion Ventures, Catapult Ventures, Esperante, Nesta and the Wellcome Trust.
Albion partner Christoph Ruedig said: "Haemostatix has a world-class team and technology.
"We are excited that it now has a strong corporate partner who will support it in the future development process. We look forward to seeing the business fulfil its huge potential."
Haemostatix employs four currently.
Andrew Mackie, chief business officer of Ergomed, said there were no plans to relocate the business and it is keeping under review whether to recruit.
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