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Gambit advises BioMonde on its $5 million equity fundraising

02 June 2014

Gambit Corporate Finance LLP has advised ZooBiotic Limited (trading as BioMonde) on its $5 million equity fundraising. The funding was provided by Finance Wales Investments, which already holds a significant shareholding in the company, and Oxford Capital Partners. 

BioMonde, a leading European wound care business, provides larval debridement therapy products to treat chronic wounds such as diabetic foot ulcers, pressure ulcers and surgical wounds. Established in 2005, ZooBiotic was the first spin-out from a NHS trust in the UK. In 2010 ZooBiotic acquired its largest European competitor, BioMonde, based in Germany. Since then the company has continued its growth strategy to become the clear global leader in its market.

 

The company has manufacturing plants in Bridgend and Hamburg and sells over 35,000 treatments annually across Europe. BioMonde’s products include free-range larvae, which are applied direct to the wound, and a patented system (“the BioBag”) where the larvae are retained in a sterile bag.

 

In 2013 the company secured FDA Marketing Authorisations for its free range and BioBag products in the US, followed by the granting of a full BfArM medicines licence in Germany in February 2014.

 

The funds will be used to establish a manufacturing and sales operation headquartered in Gainesville, Florida to enable the company to penetrate the US healthcare market, (the world’s largest) and to extend the reach of the company’s products into further key territories across Europe.

 

The Gambit team, which has significant experience both in the life sciences sector and private equity transactions, was led by Geraint Rowe and Simon Marsden.

 

Geraint Rowe, Partner, commented, “We are delighted to have advised BioMonde on its fundraising which provides the funding for the business to execute the next stage in its strategic plan and consolidate its position as the dominant global provider of larval debridement therapy products. The US market, with its high incidence of chronic wounds, provides a significant opportunity for the business and we look forward to seeing it replicate its success in Europe.”

 

Simon Marsden, Director, added, “BioMonde is a first-class business with a world-leading product and an excellent management team. We are extremely proud to have been involved with the company for a number of years and through a number of key milestones in its journey from an early stage technology spin-out to the dominant global player in its market. It’s fantastic to see an indigenous Welsh business becoming a true global market leader.”

 

Gareth Kempson, CEO of BioMonde, commented, “Completion of this funding round is one of a number of key strategic steps in the on-going development and growth of this unique and exciting business. Quality people, both internal and external to the organisation, continue to be critical to our success. The Gambit team has been an ever present partner and has supported us in successfully negotiating another significant obstacle on our journey to building a global wound care business.”