Mercia Asset Management PLC Investment into Locate Bio (6114K)
September 03 2021 - 1:00AM
UK Regulatory
TIDMMERC
RNS Number : 6114K
Mercia Asset Management PLC
03 September 2021
RNS 3 September 2021
Mercia Asset Management PLC
("Mercia", the "Group" or the "Company")
Mercia invests GBP1.6million as part of a GBP10.0million
syndicated round into Locate Bio
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused specialist asset manager with c.GBP940million of
assets under management, is pleased to announce a significant
syndicated investment into existing direct investment portfolio
company Locate Bio Limited ("Locate Bio"), a Nottingham-based
business developing a range of orthobiologics.
This investment into Locate Bio consists of a syndicated
GBP10.0million Series A round in which Mercia has made a direct
investment of GBP1.6million, alongside GBP4.0million from Mercia's
third party managed funds, which included EIS and VCT capital,
together with GBP3.0million from BGF and GBP1.4million from other
syndicate partners. This funding round has increased Mercia's fully
diluted direct investment stake to 18.1%, with Mercia's combined
managed funds' fully diluted stakes now totalling 24.6%. Locate Bio
was initially backed in April 2018 by Mercia's EIS funds.
Locate Bio's products will be used by orthopaedic surgeons to
accelerate the natural repair of bone and cartilage. Addressing a
multi-billion pound global market, Locate Bio currently has four
products going through trials, the first targeting formal market
approval by 2022. This GBP10.0million round will support the next
stages of these trials including its lead bone graft solution
("LDGraft") as part of the FDA approval process, as well as the
development of additional products acquired last year.
Peter Dines, COO of Mercia Asset Management , said: " This
significant investment round, alongside our continuing active
approach to supporting the business and its management team, is
another example of how our Complete Connected Capital can help
accelerate growth, with investment not only by our balance sheet
but also by our managed funds and syndicate partners. As Mercia's
representative on the Locate Bio board, this latest investment is
testament to the significant potential market value and global
reach of the products Locate Bio is currently developing."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018. Upon publication of this announcement, this inside
information is now considered to be in the public domain.
--Ends--
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Andrew Potts
+44 (0)20 7496
Singer Capital Markets (Joint Broker) 3000
Harry Gooden, James Moat
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Shiv Talwar
mercia@fticonsulting.com
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of balance
sheet, venture, private equity and debt capital: the Group's
'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over
time Mercia can provide further funding to the most promising
companies, by deploying direct investment follow-on capital from
its own balance sheet.
The Group has a strong UK footprint through its regional
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP940million of assets under management
and, since its IPO in December 2014, has invested c.GBP111million
gross into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC
"MERC".
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