Home» Renovo Oversubscription Expands Second Round Financing to £23 Million (US$37.5 Million)
Renovo Oversubscription Expands Second Round Financing to £23 Million (US$37.5 Million)
31st January 2003
Temasek Holdings and BioVeda Capital Invest £2 Million (US$3.2 million)
Manchester, UK: 31st January 2003
Renovo Ltd announced today that Temasek Holdings (Pte) Ltd. and BioVeda Capital (Pte) Ltd., both of Singapore, have invested £2 million (US$3.2 million) in the company as part of an over-subscription to its second round financing. The amount raised in the second round now totals £23 million (US$37.5 million). In December 2002, Renovo achieved its objective in raising £21 million (US$33 million) from a syndicate of investors, led by HealthCap, and including Care Capital LLC, as well as existing investors: Atlas Venture and JPMorgan Partners. This oversubscription has allowed the company to broaden its investor base to Asia and will provide additional funds for the clinical trials of Renovo’s lead drugs that prevent scars and accelerate healing following any kind of surgery or trauma to the skin and to pursue additional product development through enhancement of its already well established discovery platform.
“There was great interest in our second round financing. Being able to meet our £21 million objective in the current financing climate was a significant achievement for Renovo, but attracting additional capital over and beyond that total from such distinguished investors bodes well for the future of the company,” stated Professor Mark Ferguson, CEO of Renovo.
About Temasek Holdings
Temasek Holdings is one of the largest investment holding companies based in Singapore. Established in 1974, it holds and manages investments in companies which are involved in a wide range of business activities, from port, shipping and logistics, to banking and financial services, airlines, telecoms and media, power and utilities, and rail. Many of these companies are leading companies in Singapore, such as Singapore Airlines, Singapore Telecoms, Singapore Technologies, Neptune Orient Lines-APL, PSA Corporation, DBS Bank and Singapore Power. The listed companies in the Temasek Group represent about 21% of the market capitalization of the Singapore Exchange. Temasek Holdings also actively sources investment opportunities in the global life sciences industry to tap its strong growth potential. For more information on Temasek Holdings, visit www.temasekholdings.com.sg.
BioVeda Capital is a Singapore venture capital firm focused on the life sciences. Its investments include drug discovery and development companies such as Memory Pharmaceuticals, Renovis, Dynavax Technologies, Idun Pharmaceuticals and MerLion Pharmaceuticals.
Renovo is a biopharmaceutical company focused on the development of drugs that exploit molecular mechanisms involved in scar prevention and promotion of tissue repair at all body sites with an initial focus on the skin. The company is currently conducting extensive clinical trials with products to prevent scar formation and accelerate healing. Supporting these products is a broad portfolio of compounds emerging from Renovo’s unique discovery research and development programmes. Founded in 2000 as a spin-out from the University of Manchester by Professor Mark Ferguson and Dr Sharon O’Kane (CEO and Executive Director of R&D, respectively), Renovo currently comprises a team of over 50 highly experienced and innovative scientists and clinicians. Renovo’s innovative products and technologies are based on a portfolio of over 300 patents and patent applications worldwide. The company is based in custom-built facilities in the Manchester Incubator Building. For further information please visit www.renovo.com.
For further information, please contact: Renovo Ltd