Vectura raises L10.6 million in second-round financing

Vectura, a UK drug delivery company specializing in the development ofinnovative inhaler formulations for delivery to the lungs, has completed a second round of private financing which has raised L10.6 million ($15.3 million). It was led by Friends Ivory and SIME Private Equity, which contributed L5 million, while the Merlin Biosciences Fund and Merlin Fund contributed L2.8 million and L1 million respectively. The balance was made up by Northern Ventures, the University of Bath and Vectura's management.

Peter Virley, Vectura's chief executive, said that this injection of capital "will allow us to drive our technology platforms through to proof-of-principle so that we can start attracting high-quality licensing deals," adding that the firm will now be able to take its first development products into clinical trials in the next 12 months. Founded in 1997, Vectura has agreements in place with Chiesi, Innovata Biomed and Arakis.