DRUG developer Lamellar Biomedical has raised £3.3 million to develop its treatment for dry eye disease.
The Bellshill-based firm said existing investors – including Barwell, the Glasgow venture capital firm, plus Scottish Enterprise and TRI Cap, the Borders-based business angel network – had taken part, and that it was able to attract “significant interest” from new shareholders, including Invesco Perpetual.
Lamellar has also elected Duncan Moore – a partner at private equity firm East West Capital and former global head of healthcare equity research at Morgan Stanley – as its new chairman, replacing Sam Taylor.
The proceeds will be used to develop LMS-611, designed to treat dry eye disease and “radiotherapy-induced xerostomia”, known as dry mouth.
The firm’s development work is aided by the Vision Sciences Unit at Glasgow Caledonian University and the Beatson West of Scotland Cancer Centre.
Lamellar is also investigating the role of LMS-611 as a medicinal product in cystic fibrosis.
Moore said: “We have been able to forge strong links with the Scottish clinical community, which has shown considerable interest in the potential of our experimental-stage products.”
