Locate Bio, a Nottingham, UK-based biotech company which is developing new treatments for patients with serious spinal conditions, closed £2.25m funding round.
The round, which brings the total raised by the company to over £8m, was led by Mercia Asset Management.
The company intends to use the funds to continue its research and bring its first products to market.
Locate Bio is advancing products that improve the lives of people with debilitating spinal conditions. Its first product, which is at the pre-clinical development stage, will help patients who require spinal fusion surgery, where bones are permanently joined together to overcome low back pain. It uses a type of bone protein to remove the need for a bone graft. Its second therapy will be for the biological renewal of the intervertebral discs and will help those suffering from degenerative disc disease, a painful condition affecting 33 million people in the US and EU.
Locate Bio is a spin-out from the University of Nottingham and based on the research of Professor Kevin Shakesheff, a world-leading expert in regenerative medicine.
The company, which initially started out as a contract research organisation, first received investment from Mercia in 2018.
FinSMEs
20/07/2020