Catapult Ventures sells Haemostatix to Ergomed

Catapult Ventures has completed the sale of its stake in Haemostatix Limited (‘Haemostatix’) to Ergomed plc (‘Ergomed’).

Ergomed is acquiring 100 per cent of the issued share capital of Haemostatix for an initial consideration of £8.0 million, with contingent consideration of a further £20.0 million. Ergomed is acquiring Haemostatix from a group of UK-based VC investors including Albion Ventures, Catapult Ventures, Esperante, as well as NESTA and the Wellcome Trust.

Originally a spin-out from the University of Leicester, Nottingham based Haemostatix is developing first-in-class topical blood clotting agents. Its technology is based on a novel class of molecule that binds directly to fibrinogen to promote haemostasis and is targeted at the global surgical bleeding market, worth more than $2 billion.

The two lead products developed by the Haemostatix team are PeproStat (Phase IIb ready), a blood-free, ready-to-use topical liquid haemostat which is applied to wounds to control bleeding during surgery, and ReadyFlow (pre-clinical), a blood-free, ready to use, transparent and flowable haemostatic gel packaged in a pre-filled syringe.

Jonathan Lowe, Head of Investor Relations at Catapult Ventures said: ‘Haemostatix has a world-class team and technology and we are excited that it now has a strong corporate partner who will support it in the future development process. We wish the team the best of luck and look forward to seeing the business fulfil its huge potential.’

Miroslav Reljanovic MD, Chief Executive Officer of Ergomed plc, said:  ‘The Haemostatix acquisition provides an opportunity to advance the Co-development part of our growth strategy through the development of our first wholly-owned development programme. We have confidence from the current pre-clinical and clinical data that the Haemostatix technology works as an effective haemostat. This, combined with the rapid development and attractive market size, means the acquisition offers great upside potential for Ergomed.

‘Ergomed intends to continue building a sustainable and profitable hybrid business model through bolt on acquisitions and growth opportunities in its Services business as well as progressing its Co-development pipeline.’

JSB-Partners, which offers investment banking and advisory services to biotechnology and pharmaceutical companies, acted as an advisor to Haemostatix Ltd on this transaction.