Altacor's GBP3.4m Funding Signals a Positive Start to 2011

By Altacor Ltd, PRNE
Monday, February 7, 2011

CAMBRIDGE, England, February 8, 2011 - Altacor today announced the closing of the second tranche
(GBP1.9m) of a GBP3.4m equity fund raising which was led by Clive Austin of
NVM Private Equity and included Enterprise Ventures (through its RisingStars
Growth Fund) and Beringea, an existing investor. The first tranche which
closed in the autumn 2010 was led by Esperante and included The Aspire Fund
(managed by Capital for Enterprise Ltd), 8 other existing Altacor investors
and 4 further angel investors.

Dr Fran Crawford (CEO) welcomed the broadening of the
shareholder base and said that it reflected confidence in Altacor's strategy
to build a European ophthalmic speciality pharmaceutical company. Altacor is
building a portfolio of differentiated ophthalmic products to be launched
over the short to medium term in addition to the already marketed Clinitas
range of treatments for Dry Eye. The company is also pursuing a number of its
own proprietary development projects, principally in glaucoma and ocular

Commenting on the funding, Chairman Dr Andy Richards added, "The team at
Altacor has made tremendous commercial and technical progress, providing a
platform for growth which this investment will allow. Ophthalmology is well
suited to our speciality pharma approach where focussed R&D and sales teams
can engage directly with specialist ophthalmologists."

Since its inception in 2007, Altacor has progressively built a
successful sales presence in the United Kingdom and Ireland and is seeing
substantial sales growth. Importantly, Altacor moved swiftly to secure
worldwide rights to a platform technology for eye infections, gained orphan
designation in USA and EU for a reprofiled drug for use with glaucoma surgery
and established, with a US partner, exciting pre-clinical data using a
nanotechnology approach for more effective delivery of therapeutics in
glaucoma management. The new funding will allow acceleration in both sales
and product development activities.

As a further element of its strategy to extend its
international reach, Altacor is progressing opportunities with third parties
including world-wide in-licensing of products and sales and marketing

About Altacor

Altacor is an ophthalmic specialty pharmaceutical company. Its portfolio
comprises development and marketed products in the following sub therapeutic
areas: ocular surface disease, ocular anti-infective and glaucoma. The
company focuses on differentiation through, for example, formulation or
reprofiling. ALT 005 (surgical) and ALT 020 (ocular anti-infective), ALT 022
glaucoma and ALT 401 for prevention of scarring in glaucoma surgery are
examples. Altacor has five products marketed in the UK (Clinitas/range) which
are commercialised through its own sales and marketing organisation and
network. Clinitas is a prescription product for moderate dry eye conditions
with a uniquely high concentration of hyaluronic acid (0.4%) in the UK and is
gaining acceptance by clinicians nationwide. The Clinitas range comprises
three products (Hydrate, Soothe and Ultra 3) which together address the major
causes of dry eye.

About NVM

NVM Private Equity Limited (NVM) is independently owned with
over 25 years' experience of investing in unquoted UK businesses. NVM is a
generalist investor, managing GBP190 million of funds, and is differentiated
by having executives living and working in regional business communities
throughout the UK. The fund manager benefits from co-investment across its
funds; Northern Investors Company PLC, Northern Venture Trust PLC, Northern 2
VCT PLC, Northern 3 VCT PLC and Northern AIM VCT PLC, to enable total
investments of between GBP2 million and GBP10 million.

About Enterprise Ventures

EV is a UK-based fund manager which provides venture and
growth capital of up to GBP2million to new or existing SMEs located
throughout the UK and trading across technology and non-technology sectors.
It operates from regional offices in Birmingham, Leeds, Liverpool, Manchester
and Preston and manages a range of investment funds totalling more than
GBP100million focusing on all stages of development, including proof of
concept/early stage, start-up, development capital, replacement capital and

Fran Crawford (CEO) or David Alcraft (Director), +44-(0)1223-421411

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