Touchstone Innovations throws another £3m at promising Pulmocide

Josh White Sharecast | 20 Mar, 2017 16:00 - Updated: 16:00 | | |

money pounds cash

Touchstone Innovations

318.00

14:10 27/03/17
-5.22%
-17.50
  • 9,617.85
  • -0.66%-64.32
  • Max: 9,685.66
  • Min: 9,594.17
  • Volume: 0
  • MM 200 : n/a
15:30 27/03/17

Touchstone Innovations announced on Monday that it participated in a £25m Series B funding round in Pulmocide, committing £3m to the round alongside new investors SR One and Longwood Fund, plus existing investors SV Life Sciences, F-Prime Capital, and Johnson & Johnson Innovation.

The AIM-traded company described Pulmocide as a privately-held drug development company located in London, which was developing novel small molecule inhaled medicines for the treatment of life threatening respiratory infections caused by respiratory syncytial virus (RSV) and Aspergillus.

It said the new funding would enable Pulmocide to advance its assets through early clinical development.

Pulmocide was reportedly on track to deliver proof of concept data in RSV using its highly potent inhaled RSV antiviral agent ‘PC786’ in human RSV challenge and in infants hospitalised with bronchiolitis due to RSV infection.

Pulmocide would also be progressing its ‘PC945’, described as a potent azole antifungal for the treatment of pulmonary Aspergillosis, including fungal asthma, pulmonary Aspergilloma, Aspergillus infections in lung transplant recipients and patients with cystic fibrosis.

“We continue to support this strong entrepreneurial management team to progress the company's two novel compounds through early clinical development; another step closer to a treatment for patients with life-threatening lung infections,” said Touchstone’s director of healthcare ventures Maina Bhaman.

“Pulmocide is yet another example of a portfolio company that has been able to attract a powerful group of investors and we would like to welcome SR One and Longwood to the syndicate.”

As at 31 July, Touchstone Innovations had a 24.1% interest in the issued share capital of Pulmocide.

Following the new investment, it will hold an 18.5% stake in the issued share capital of the company.

More news

16:30 FTSE 250 movers: Inchcape motors on; miners lose their lustre

A positive note on Inchcape saw shares in the automotive services and retailer lead the risers on the FTSE 250.

15:21 Exova confirms discussions with potential suitors

Exova Group, noting recent market speculation, confirmed on Monday it received proposals from Element Materials Technology, Jacobs Holding and PAI Partners SAS regarding a possible cash offer for the company.

15:16 Rural and small businesses still suffering bad broadband

A large number of businesses remained without a reliable broadband connection, a new survey said on Monday, despite many respondents saying a fully-functional connection was “extremely important” to their operations.

14:56 FTSE 100 movers: Randgold, Fresnillo shine; Babcock slumps

London's FTSE 100 was down 1% to 7,260.60 in afternoon trade, while the pound rallied against the dollar amid doubts about Donald Trump's ability to deliver on his fiscal stimulus pledges.

14:53 IMImobile to buy multi-channel messaging app provider Infracast

IMImobile has agreed to buy multi-channel messaging applications provider Infracast for an initial consideration of £8.2m in cash and shares.

14:45 May to stress importance of union in meeting with Sturgeon

Prime Minister Theresa May was to meet Scotland First Minister Nicola Sturgeon and press the case for the four nations of the United Kingdom staying together.

12:49 Trading Emissions narrows loss under threat of Polish regulation

Closed-ended investment company that specialises in renewable energy projects and emissions instruments, Trading Emissions, announced its results for the six month period to 31 December on Monday.

12:38 Path Investments to float on London Stock Exchange on Thursday

Path Investments is to float on the London Stock Exchange on 30 March as the energy investor bids to capitalise on the downturn in the price of oil.

12:38 Strategic Equity shareholders request general meeting

Strategic Equity Capital noted a press comment over the weekend on Monday, and confirmed that it received a request to requisition a general meeting from two of its shareholders, Ian Armitage and Growth Financial Services - a subsidiary of Harwood Capital Management - representing 5.02% of the company’s issued share capital.

12:32 Hurricane Energy claims UK's 'largest' undeveloped offshore oil discovery

Hurricane Energy reported an oil discovery from exploratory drilling near to the Lancaster field, which the company believes is part of the largest undeveloped discovery on the UK continental shelf.