Lamellar Biomedical has raised £3.3 million of equity funding from current and new investors.

Barwell, Scottish Enterprise and TRI Cap angel investors are backing the business, which is based near Glasgow, as well as funds managed by Invesco Perpetual.

Lamellar Biomedical develops drugs used to treat eye disease and radiotherapy-induced xerostomia, commonly known as dry mouth. It was formed in 2007 through the acquisition of intellectual property rights relating to the therapeutic potential of Lammellasomes.

The new capital raised will be used to develop its lead product, LMS-611. It is currently working with the Vision Sciences Unit at Glasgow Caledonian University and the Beatson West of Scotland Cancer Centre as part of its development programs.

Its tie-in with the Cancer Centre relates to a clinical program investigating the role of LMS-611 as a medicinal product in cyclic fibrosis.

As part of the fundraising deal, Duncan Moore has been elected as chairman of the company. Moore is a partner at East West Capital Partners and has previously held the position of global head of healthcare equity research at Morgan Stanley.