Contact: Peter Devine
This investment won the Australian Venture Capital Association ‘Best Early Stage Venture Deal of 2016’.
In 2015, the University of Melbourne’s Hatchtech, developer of XeglyzeTM Lotion, a next generation lice treatment capable of killing both eggs and lice, entered into a commercial agreement with Dr. Reddy’s Laboratories (NYSE: RDY) which will include upfront and pre-commercialisation payments of US$60 million plus additional milestone payments on commercial sales. Uniseed was the sole participant in Hatchtech’s first investment round in 2001 with a $488,000 investment, and has invested in every major funding round since. From 2001 to 2005, Uniseed supported Hatchtech alone and providing strategic guidance on the company’s scientific and commercial development program, shifting Hatchtech’s initial application from animal health to the treatment of human head lice. From 2005 to 2013, Uniseed assisted Hatchtech in securing additional investment from other venture capital firms including GBS Ventures, QIC Bioventures, Biocomm, OneVentures and Blue Sky Venture Capital, with the University Melbourne also investing from their endowment fund.