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BiVictriX Therapeutics secures £0.5m seed funding for targeted cancer drug research - January 2017
BiVictriX Therapeutics secures £0.5m seed funding for targeted cancer drug research
BiVictriX Therapeutics (“BVX”) has today announced the completion of a successful fundraise to develop a new class of targeted cancer drugs. The company’s ‘Dual Targeting Approach’ is designed to give superior selectivity towards blood cancers.
Approximately £0.5m has been raised from a syndicate comprising Alderley Park Ventures, Finance Wales and high net worth individuals;
Funds to be used to establish Proof of Principle on the Company’s technology in two lead programmes;
Acceleris Capital Ltd (Manchester UK) provided corporate finance advice to the Company.
Founded in 2016 by serial life sciences entrepreneur Dr Peter Jackson and BVX CEO Tiffany Thorn, the company is focused on developing and licensing novel Antibody Drug Conjugates (“ADCs”), which have been coined as the new ‘Magic Bullet’ therapeutics in the field of oncology. The Company has developed a novel strategy, ‘The Dual Targeting Approach’ that improves ADC selectivity towards cancer cells. The lead and back-up candidate are in the areas of Acute Myeloid Leukaemia (“AML”) and a specific type of agressive Non-Hodgkin Lymphoma, respectively. These areas have been targeted due to a combination of unmet clinical need, market size and the specificity of the targeted antigens.
BVX will focus on developing a platform technology to produce next generation bispecific ADCs with superior tumour selectivity. By exploiting its novel therapeutic strategy, the ‘Dual Targeting Approach’, the Company expects to significantly reduce off-target side effects on healthy tissues. This approach differentiates BVX from mainstream ADC developers by improving selectivity and minimising side effects, which can be significant hurdles in the development of these drugs.
The new investors include Alderley Park Ventures and Finance Wales who both look to back innovative, high-technology companies. The principal use of funds will be to initiate early scientific research to demonstrate Proof of Principle for our approach ahead of establishing technical Proof of Concept and selection of a lead therapeutic candidate.
Commenting on the fundraise, BVX’s CEO Tiffany Thorn said, “We are delighted to close our fundraising with a very strong syndicate of investors who are able to support BVX as we commence operations and look to grow. The Company is now looking forward to demonstrating Proof of Principle for our approach over the next 12 months and have selected a strong panel of service providers to assist in our development now that we have the necessary funds to grow.”
David Youngman, Corporate Finance Director at Acceleris Capital and Non-executive director of BVX, said:
“Acceleris Capital has been delighted to work with BVX to pull together the funding plan and syndicate to allow BVX to commence operations. We are very excited by the potential applications of the ‘Dual Targeting Approach’ in this exciting area of oncology therapeutics.”
Finance Wales Investment Executive Carmine Circelli, said:
“This is an exciting company with strong growth potential. Tiffany and the team have an innovative proposition and we look forward to seeing them commercialize successfully. We’re also pleased to be working with an experienced team of fellow co-investors to support BVX’s expansion in Wales.”
The DWF Corporate team in Manchester acted as legal advisers to the Company in the transaction.
BiVictriX Therapeutics Ltd. Bio Hub, Alderley Park, Alderley Edge, Cheshire SK10 4TG, UK
+44 (0) 7908 719 566 firstname.lastname@example.org