Nottingham-based MedTech company, Locate Bio has raised £8.4 million in an oversubscribed funding round.
It will help progress the orthobiologics company’s ongoing clinical study of LDGraft, which is being developed for use in patients who require surgery for chronic lower back pain.
The news was revealed by Mercia Asset Management, which has invested £2.5 million into Locate Bio as part of the syndicated funding round. Mercia’s fully diluted direct stake now becomes 20.1%.
The announcement came alongside Mercia confirming investments into other firms, MIP Discovery and Warwick Acoustics.
Dr Mark Payton, CEO of Mercia Asset Management PLC, said: “We continue to be encouraged by the overall development of our direct investment portfolio. A number of the companies in our portfolio are maturing as they scale the commercial applications of their underlying IP.
“Furthermore, the syndicated nature of these funding rounds, where nearly 80% of the investment funding is coming from outside of Mercia’s balance sheet, reflects the confidence of the wider venture community in these companies.
“Our significant liquidity means that we are able to continue selectively supporting the existing portfolio’s growth ambitions, with or without additional syndicated co-investment.”
