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GEIF Ventures announces a £100,000 co-investment in Novacta
Biosystems
29 March 2004
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Investment to Advance Drug Development and expand
Biotransformation Services
March 2004, Cambridge UK - GEIF Ventures Early
Growth Fund, a £2.5 million fund set up within NW Brown Group
in April 2003 to co-invest alongside business angels has announced
today that it has invested £100,000 into Novacta Biosystems,
alongside investment from Great Eastern Investment Forum (GEIF)
members, including Westgate Hall .
Based in Norwich, UK Novacta is a research-based company developing
novel anti-infective drugs and providing biotransformation services.
Novacta’s drug development activities are focused on natural
products, small molecules produced by microorganisms, which are
starting points for development of many of the drugs in widespread
use today. These activities are complemented by the company’s
biotransformation services that target the pharmaceutical, chemicals,
cosmetic, flavour and fragrances industries. At the heart of Novacta’s
technology platform is a ‘toolbox’ of approaches for
harnessing the exquisite chemical selectivity of biological systems.
These systems are used to develop efficient processes to synthetic
targets and to manipulate the biosynthesis of natural products
in order to alter activity, pharmacokinetics and other properties.
" Infectious
diseases account for 25% of the deaths worldwide," stated
Dr Fiona Marston, Novacta’s CEO, "and Novacta’s
drug development activities are focussed on combating this major
health problem." Marston added, "There are many factors
driving the need for new products, such as drug resistance and
significant side effects of current therapies, and Novacta has
the team, technology and commitment to address and overcome these
factors."
Max Bautin, who manages GEIF Ventures, added, "Novacta’s
biotransformation services income arises from the research team’s
leading edge expertise in this scientific area. This investment
will allow Novacta’s excellent management team to expand
the services business, mitigating the difficulties of the current
investment climate, and to continue its drug discovery programmes
and novel biotransformation methods development. Novacta, GEIF’s
eighth investment over the last year, is a company with the potential
for improving quality of life globally, and it is particularly
rewarding for GEIFV to contribute its own capital, and help channel
that of angel members, to its development."
Cambridge office of Mills & Reeve acted as GEIFV’s legal
advisers on the transaction.
Further enquiries:
Max Bautin
GEIF Ventures Ltd
max.bautin@geifventures.co.uk
Fiona Marston
Novacta Biosystems Limited
fiona.marston@novactabio.com
www.novactabio.com
Destanie Clarke
DestaniePR
Tel. 07753 826162
destanie@destaniepr.com
Notes to Editors:
GEIF Ventures
GEIF Ventures is a £2.5 million co-investment fund within the NW Brown
Group established with the commitment by the Small Business Service to co-invest
with GEIF business angels into promising businesses. GEIFV is able to co-invest
initially up to £100,000 and, if appropriate, follow up its investment
by another £100,000 after 9 months. GEIFV is not a lead investor and can
only invest when a company receives an investment from GEIF business angels.
Great Eastern Investment Forum
www.geif.co.uk
GEIF is a leading UK business angels network strategically based
in Cambridge. It is the fundamental link between early stage companies
and business angels seeking quality investment opportunities. GEIF
introductions, through regular company presentations and breakfast
meetings, provide a secure and confidential business environment.
GEIF website brings members all the latest investment opportunities
and other relevant news. Since GEIF was launched in 1995, its members
have helped over 150 early stage companies to raise in excess of £20
million of investment and to strengthen their teams with invaluable
management skills. Membership of GEIF includes private investors,
corporate investors, venture capitalists and corporate advisers.
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