Hatchtech raises $6.3m for DeOvo™ Head Lice Phase 2b Clinical Trial — OneVentures
Summary
A new investor isOneVentures which this year launched a new Australian Government IIF-backed fund the OneVentures Innovation Fund.Hatchtechs lead product DeOvo is a novel therapy for treating head lice infestations. We have an exceptional executive team in Vern Bowles (founder and CSO) and Lewis Schulz (COO and head of development) and are now looking to recruit a CEO, said Dr Kelly.DeOvo is supported by convincing phase 2a data and a compelling competitive position compared with existing products addressing this large and growing global market, said Dr Ross Macdonald, non-executive director.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.In the United States (US) alone, it is estimated that several million people, mainly children aged 3-12, are infected each year with head lice (Pediculus humanus capitis). Hatchtechs DeOvo, which has shown both ovicidal and lousicidal activity, offers the potential for a more effective treatment following a single application.Hatchtech Pty Ltd is a venture-backed specialty pharmaceutical product company that is developing technology for the control of invertebrate pests. The aim of OneVentures is to support the management team of investee companies to build great businesses through a combination of capital, expertise, alignment of interests and our investor and commercial networks.