Braveheart's £2m foray

Published on Wednesday 4 April 2007 11:52

BRAVEHEART, the Scottish venture capital syndicate focused on technology commercialisation, has led a £2 million investment in Edinburgh-based life sciences firm EctoPharma.

It is the first investment the Perth-based group has made since it floated on the Alternative Investment Market last month.

Braveheart said the round of funding, which also included the likes of TRI Capital and Lochside (International) Investments, had been "significantly oversubscribed".

EctoPharma is currently involved in work developing therapeutic pesticides for specific healthcare and pesticide markets to treat various conditions.

Braveheart chief executive Geoffrey Thomson said EctoPharma's proprietary technology had the scope to be a platform for a new generation of safer pesticides, less harmful to both health and the environment.

The funding will be used mainly to provide the working capital for EctoPharma to complete Phase 3 clinical trials for its lead product KindaPedTM, for the treatment of head lice, as well as allowing funds for other research and development activities.