Oxitec bites $10m

Oxitec, spun out from Oxford University in 2002, has secured a $10m investment in a venture round led by Oxford Capital. The lead investor will also assist with the company’s commercialisation efforts.

The fundraising was oversubscribed and supported by existing shareholders, Oxford University and East Hill Management, as well as a number of international private investors from South America, Europe and Asia. Oxford Capital itself has been part of each funding round since 2005, and was the sole investor in both 2011 and 2012 when it invested a total of $18.1m.

Oxitec’s technology aims to control insects that spread disease and harm crops. Prior to securing the investment, the company secured approval by the Brazilian National Technical Commission for Biosecurity for its dengue mosquito work. The company breeds and releases sterile males of a damage-causing species using genetics – a form biological control considered safe to other species, and causing no lasting impact on the environment.

The $10m investment, alongside funding commercialisation, will be used to help with local recruitment and training for Oxitec’s programmes.

Hadyn Parry, CEO at Oxitec, said: “The World Health Organisation estimates that almost half of the world’s population is now at risk from dengue, and with no specific treatment or vaccine available, effective techniques for controlling the mosquitoes that spread that potentially fatal virus are urgently needed. Oxitec’s mosquitoes represent a novel and safe approach to combating dengue, and we look forward to working with authorities around the world to make our technology available.”