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The great advantage to investors of PhotoBiotics’ multidisciplinary approach is that it is a low-risk strategy, combining two already scientifically and market proven technologies – PDT and biological targeting. This means that having successfully negotiated the initial scientific hurdles, PhotoBiotics’ technology is now highly unlikely to fail in Phase 1 to III clinical trials, stages in many drug development programmes when the cost of failure is greatest.
PhotoBiotics was launched in June 2001 with first-round funding totalling £500,000 over 18 months from the Imperial College University Challenge Seed Fund and private venture capital from business angels. Skilful management of the company’s finances during a particularly lean period for the whole biotech industry ensured this initial start-up funding lasted for 24 months.
In May 2003, the company acquired the first tranche of further funding from Clubb Biocapital, which ultimately totalled at nearly £400,000. Since then, the company has raised around a further £400,000 from its current investors, as well as €300,000 of EU grant funding, and will be confidently seeking partners for a larger funding round, based on the success and promise of its current scientific and pre-clinical development programme. Alternately, the company will consider a strategic transaction involving a merger or trade sale.
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