Epidarex raises early-stage UK life sciences fund

Harriet Bailey
02 June 2014

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International venture capital firm Epidarex Capital has raised more than ТЃ47.5m for a fund focusing on early-stage life sciences and health technology companies in the UK.

In February this year, Epidarex took part in a £4m series-A funding round for Edinburgh University spinout Edinburgh Molecular Imaging. The company is developing its optical molecular imaging technology and will focus on respiratory conditions.

Investors
International pharmaceutical company Eli Lilly participated in the final closing with a significant capital commitment. Lilly states it invested in the fund based on the strength of UK life sciences research and development and the benefit to its existing academic partnerships. The European Investment Fund, Scottish Enterprise and Strathclyde Pension Fund also committed to the vehicle.

The fund also received commitments from the Universities of Edinburgh, Glasgow and Aberdeen in Scotland and King's College London. This will also provide the fund with access to healthcare start-ups, including those specialising in novel drug development. King's states the fund should attract more investor interest into UK research.

Investments
The fund will lead investments in life sciences companies as well as spinouts from research universities. It intends to provide the scalable capital required to commercialise innovative research in the UK.

People
Sinclair Dunlop is managing partner at Epidarex. Elaine Sullivan is vice president of global external research and development at Lilly. Chris Mottershead is vice-principal (research and innovation) at King's.