Oxitec (United Kingdom) - Nov 2007

Oxford Capital Partners has led a £1.5m series-B funding round for Oxitec Ltd, a company that is developing environmentally-friendly methods of pest control, taking its interest in the business to above 20%. Oxford Capital contributed £1m to the round, following on from an investment of £550,000 in the series-A funding round in June 2005. The balance of the equity was provided by East Hill. The new capital will be used to launch new strains of a sterile insect designed to control insect-borne human diseases.

Company

Oxitec, established in 2002 as a spinout from the University of Oxford, has developed a patented technology to improve the cost-effectiveness and safety of Sterile Insect Technique (SIT). Unlike existing methods, which rely on the use of radiation, Oxitec has developed a strain of sterile insects which, when released into the wild, result in a population crash that controls the insects without need for the use of harmful pesticides. The company has received grant funding of $5m from the Bill and Melinda Gates Foundation to develop its technology. Oxitec is based in Oxford and employs more than 20 staff.

People

Ted Mott, David Mott and Dr Rebecca Todd led the investment for Oxford Capital Partners.

Advisers

Company - Wilmer Hale, Joe Pillman (Legal)Equity - Nabarro Nathanson, Barry Maytum (Legal)

Sourced from: UK & Ireland unquote" 358 (Dec 2007)

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