Successful Fundraising Acquisition of New Drug Progamme Acquisition of Spear Therapeutics Limited
January 29, 2015
Incanthera (“the Company”), is pleased to announce a successful fundraising of £1.3 million from existing and new investors; acquisition of a new drug programme and the acquisition of Spear Therapeutics Limited.
New equity investment of £1.3 million from existing and new investors, including SPARK Impact; manager of the NWF (Biomedical) LP and Advent International.
Funds raised will be used to progress the Company’s three drug programmes through late stage pre clinical development to prepare them for entry into Phase I/II clinical studies.
Acquisition of New Drug Programme
Under the existing pipeline agreement with the University of Bradford, the Company has acquired a new drug development programme. The opportunity affords a novel targeted chemotoxin selective for colorectal cancer. The drug is converted within the colon tumour to an ultrapotent cytotoxin that has no known resistance mechanism.
Acquisition of Spear Therapeutics Limited
Spear Therapeutics Ltd is a private UK biotech company in the field of Oncology. The acquisition has brought further depth to Incanthera’s pipeline, broadening the patent portfolio and strengthening the company position in selective drug-activation by giving access to further proprietory chemistry and drug candidates.
Simon Ward, Chief Executive Officer of Incanthera, commented:
“Incanthera has taken a major step forward in its ambition to build a successful commercially focused company, through the development of a broad range of drug development programmes in oncology.
With these recent acquisitions we now have 3 proprietary drugs in pre clinical development, supported by the pipeline agreement with the University of Bradford, which will produce further opportunities for the Company to continue to build its portfolio.
We are particularly delighted to receive again the support from our existing investors, including NWF (Biomedical) LP and also to welcome new investors, including Advent International.”