Vectura achieves L43M in largest UK biotech fund raising

Highlighting the firm's increasing presence in bioscience transactions, Olswang has advised the London, UK Alternative Investment Market-listed Vectura Group in securing the largest fundraising in the biotechnology sector this year of L43.0 million ($78.3 million).

Vectura raised funds through institutional investors and a share sale and plans to use the funds to progress key products independently before seeking co-development deals, and to take other products to the stage where regulatory approval can be sought. The UK-based pharmaceutical development company specializing in inhaled medicines, intends to use funds from the placing to focus on VR315, a generic combination product for asthma, as well as taking its inhaled treatment for Parkinson's disease up to Phase III trials before striking a licensing deal. The remaining funding will help Vectura develop novel inhalers.

Chris Blackwell, chief executive of Vectura, said: "since our admission to AIM in 2004, Vectura has developed significantly and working with Olswang ensures we receive expert legal advice with informed knowledge of our sector without sacrificing quality. We have always enjoyed working with Stephen and the team for their practical and intelligent advice."