Hatchtech raises $6.3 million for Phase IIb head lice trial
Tuesday, 26 October, 2010
Melbourne biotech Hatchtech announced today that it has raised $6.3 million to fund Phase IIb clinical trials for its novel treatment for head lice.
The money is to come from the University of Melbourne Endowment Trust, GBS Venture Partners via an Australian Government IIFF program, Uniseed and Queensland BioCapital Fund (QBF). It has also received funding via the OneVentures VC group, which this year launched a new federal government IIF-backed fund the OneVentures Innovation Fund.
Hatchtech also announced the appointment of two new board members, including Dr Paul Kelly, executive director of OneVentures and Cherrell Hirst, QBF CEO.
Dr Kelly was also named as the company’s new chairman, replacing the outgoing chairman Stewart Washer.
“This $6.3m investment into Hatchtech demonstrates the willingness of Australian venture capital to fund high-quality technologies,” said Dr Kelly. “We look forward to working with the company to complete a successful Phase 2b study which we believe will deliver opportunities for strategic partnerships as the product moves to market. OneVentures regards Hatchtech as a strong first investment for the fund,” said Dr Kelly.
Non-executive director Dr Ross Macdonald noted that DeOvo had produced very positive Phase IIa data and was in a commanding competitive position to address the largely unmet needs of head lice sufferers.
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