Tuesday, October 30th 2007
Oxford, October 2007 – Oxitec is pleased to announce the completion of an interim financing round. The round was led by Oxford Capital Partners (www.oxcp.com) who invested £1m, the remaining £0.5 million coming from Landon Clay, representing East Hill.
The funds will be used to finance the rapid development of Oxitec’s RIDL ® technology for the control of the mosquito vector of dengue fever and chikungunya, diseases which are increasing rapidly around the world. Over 100 million cases were reported last year and it is estimated that 55% of the world’s population is now at risk. Chikungunya is spreading to new areas, and there was a significant outbreak in Italy this summer.
David Brooks, CEO of Oxitec, commented “We are delighted that our existing investors, Oxford Capital Partners and East Hill have re-affirmed their confidence in Oxitec by adding to theirs existing investments. Our lead products are now in advanced evaluation in their first target markets and we are confident that they will provide a powerful tool for combating major agricultural and public health pests”
Ted Mott, Managing Partner at Oxford Capital Partners, said: “Oxitec is at the forefront of non-insecticide solutions for the management of disease carrying and crop pests. We have followed the company since inception and have been encouraged by its progress.”
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- New Technique to Control Killer Disease Offered Multi Million Dollar Funding