Celtic Pharma To Invest In Novacta Biosystems

Celtic Pharma Holdings Advisors (CPHA), the advisor to the second Celtic pharma fund, Celtic Pharma Holdings II LP (CP2), would invest in a majority shareholding in Novacta Biosystems (Novacta). Novacta is in the process of developing a portfolio of antibiotics.

The total being raised is $21.6 million, payable against pre-agreed milestones. As part of this investment, certain existing investors are re-investing.

Dr. Tony Sedgwick, Chief Executive Officer, Novacta said: We have worked closely with CP2 to consummate this investment, one of the largest in Europe this year. We have made great progress with our technology platform and pipeline and now have the funds to accelerate development.

Following the completion of the investment, Novacta would appoint Dr. Richard Garraway and Dr. Bob Milsted, both partners of CPHA, to its Board of Directors.

UK-based Novacta is developing novel, naturally-derived products known as ‘lantibiotics’, which have potent anti-infective properties.