Levicept Ltd closes £10 million financing round
A tenant at Discovery Park, Europe’s leading science and technology park in Sandwich, Kent has announced that it has closed £10 million Series A financing with Advent Life Sciences, Gilde Healthcare and Index Ventures. In addition, Levicept was awarded a £2.4 million grant from the Biocatalyst Fund of the UK’s innovation agency, Innovate UK, in April 2014.
The company, Levicept Ltd, was founded in 2012 by Simon Westbrook, a former Pfizer scientist, and is a biopharmaceutical company focused on the development of LEVI-04, a p75 neurotrophin receptor fusion protein (p75NTR-Fc) for chronic pain indications.
Proceeds from the financing will be used to advance the proprietary neurotrophin-modulating fusion protein from preclinical research to a proof-of-concept first-in-human study in osteoarthritis patients.
“The ongoing support from our existing investor and new involvement from investors with deep experience in the life sciences is testament to the exciting preclinical data already obtained with p75NTR-Fc,” said Simon Westbrook, Chief Executive Officer of Levicept,
“LEVI-04 has shown the potential to provide a truly differentiated treatment for patients with osteoarthritis in a clinically precedented pathway”.
Raj Parekh (Advent Life Sciences) and Arthur Franken (Gilde Healthcare Partners) will be joining David Grainger (Index Ventures), Kevin Johnson (Executive Chairman Levicept) and Simon Westbrook (CEO Levicept) to form the new board of Levicept Ltd.
Posted on 14/10/2014