LONDON, October 1 /PRNewswire/ -- Excalibur, the international investment house specialising in medical sciences, said today 'transforming' deals could still be achieved in the UK biotech sector despite the most severe market conditions.
Excalibur, founded by Professor Sir Christopher Evans and a development of Merlin Biosciences, was instrumental in securing important funding to enable York Pharma plc, the specialist dermatology company, to make a significant product acquisition which will propel the company into profit and generate significant revenues.
Following York Pharma's announcement today (Wednesday) that it has completed the EUR28.5 million financing package to fund the acquisition, Professor Sir Christopher Evans, chairman of Excalibur, said: "This is exactly what everyone wants to see in the UK biotech sector, where a loss-making company can be turned into a revenue generating and profitable operation offering products to the market.
"Excalibur was delighted to assist York Pharma through an investment by Merlin Biosciences Fund III while the company secured additional funding from the United States. While it is extremely reassuring that investment funding is still available from the USA, it is important in the UK biotech sector to show that such transforming deals can be achieved despite the grim economic picture."
York Pharma has acquired the sales and worldwide commercial rights to two dermatological/wound care products, Flammazine and Flammacerium, from Solvay Pharmaceuticals. The products are sold in 21 countries and are used in the prevention and treatment of infections in burn wounds and tropical wounds. The products generate annual revenues of GBP8.5 million.
Sir Christopher commented: "Last year York Pharma acquired a Merlin
Biosciences Fund III company, Derms Developments, which gave it a sales,
marketing and product offering. This deal now means the company can take
another important step forward and we
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