A company that develops synthetic vaccines for mutating viruses has recruited a new team of scientists and re-located to dedicated premises after completing a seven-figure investment round.
A company that develops synthetic vaccines for mutating viruses has recruited a new team of scientists and re-located to dedicated premises after completing a seven-figure investment round.
Immune Targeting Systems (ITS), which plans to target the prevention and treatment of flu, HIV/AIDS and Hepatitis-C, raised £3.5 million of series-A equity funding from a syndicate of international investors.
This is ITS’ first significant fund raising and was provided by The London Technology Fund, Novartis Venture Fund (Switzerland), HealthCap (Sweden) and Truffle Capital (France).
The London Development Agency also contributed an Exceptional Development Project award of £500,000 under the Grant for Research and Development scheme.
ITS’ chief executive, Carlton Brown, said the company is happy the investment was raised from such a strong syndicate of specialist investors. “It will enable us to accelerate and further develop our technology to target these important diseases.”
The London Technology Fund’s chairman, David McMeekin, said: “We have been impressed with Carlton’s perseverance in bringing this funding round to a successful conclusion and are pleased that ITS has now secured the support that it needs to continue the development of its important vaccine technology.”
The consortium’s legal adviser was Debevoise & Plimpton LLP, which was led by partner David Hickok and included associates Jamie Levy and Ivor Gwilliams. The consortium included regular Debevoise & Plimpton client Healthcap.
ITS’ legal adviser was Michelmores LLP led by Brian Chadwick, partner and head of its London corporate team. He was assisted by Henry Taylor with specialist employment legal advice provided by James Baker of the firm’s Exeter office.
Chadwick said the transaction was introduced to Michelmores through his personal contact with Carlton Brown. “Of particular interest in the deal was the fact that the investment was made by a syndicate of leading life sciences technology companies both from industry and the financial sector. These investors will now act as important partners to ITS in its scientific, strategic and commercial development.
“We were singularly impressed by the focus, vision and effort of Carlton Brown in his personal commitment to achieve a successful outcome in this transaction,” he added. “Moreover, the support and guidance given by the investor syndicate and each of its individual members throughout the negotiations to the completion of the deal was praiseworthy.
“We were delighted to have been instructed by the company to help it effectuate this transaction and to work alongside the other advisers in the investor syndicate along the way.”
