Rainbow leads Novacta funding

London, 20/06/2005

Novacta Biosystems, a drug discovery and development firm focused on natural products for the treatment of infectious diseases, has completed a round of investment from new and existing investors.

The round was led by Rainbow Seed Fund, and included participation from Oxford Technology 4 VCT as well as a number of existing shareholders, including GEIF Ventures. Along with investment from the Wellcome Trust in January of this year, Novacta has now raised more than E1.4m in the last six months. The investment will be used to progress Novacta's drug products, expand its pipeline of therapeutic agents and further develop its collaborative partnerships.

Novacta Biosystems operates from laboratories and offices located in Hatfield on the site of the University of Hertfordshire.

"The completion of the investment round at a time when many early-stage biotechnology companies are struggling to raise funds is a tribute to both the strength of the team as well as the potential value of this exciting technology," said Dr. Matthew Frohn of Oxford Technology 4 VCT.

Dr. Fiona Marston, CEO of Novacta added: "Novacta is delighted to have attracted this investment from new funds and existing shareholders. This funding will ensure that the product pipeline and technology base of the company are extended to increase the potential for future commercial success."