Microscience secures £25.5m in third round

J P Morgan and Advent Ventures join existing investors in backing the vaccine specialist.

Microscience, the biotechnology company specialising in the discovery and development of innovative vaccines, has announced the completion of a successful £25.5m (E42m) third-round fund raising.

The investment was completed by four leading international life science investors.  Advent Venture Partners and JP Morgan Partners led the financing round together with existing investors, Apax Partners and Merlin Biosciences. The funding will be used to take five of the company’s infectious disease vaccines to clinical trial.

Dr. Jeremy Reffin, Director of Apax Partners, said: 'Apax Partners Funds initially invested in Microscience in 1999.  The new investment round will support the clinical development of this very promising vaccine portfolio.”

Commenting on the fundraising, Chief Executive Rod Richards said: 'The financing will allow us to move our portfolio well into its next planned stage of development.' The funding is expected to see Microscience through to flotation, expected to take place within the next two years. Talking to Reuters, he said: 'We can now come to the market when we want to, rather than when we have to.'