France's Neurotech raises 35 million euros

Neurotech, a French firm which specializes in developing cell-basedtherapies in the eye and the central nervous system has raised 35 million euros ($30.1 million) in a funding round, prior to an initial public offering. The placing, which the company says is the biggest biotechnology private funding this year, was led by Apax Partners and Merlin Biosciences.

Tom Shepherd, Neurotech's chief executive, said that "to achieve this level of funding in the current climate is a clear endorsement" of the firm's technology and business strategy, adding that "it illustrates an increasing trend for European companies to raise more significant amounts of capital as they move into clinical trials instead of relying on drip-feed financing."

Neurotech's core technology uses genetically-modified eye and CNS-derived cell lines, either encapsulated as a means of locally-delivering proteins over long periods of time or as a cell therapy to replace damaged cells. The company added that its research "has been built up on solid collaborations and alliances with leading academic institutions," such as the Institute of Ophthalmology in London, UK, and the Kennedy Krieger Institute in Baltimore, USA.