£1.6m Investment For Scottish Life Sciences

The life sciences industry in Scotland has been given a big boost recently, after a MedTech firm received £1.6 million from investors to expand its business overseas.

Carcinotech, which is based in Edinburgh, will be able to speed up its commercialisation and create partnerships with leading networks in Europe and North America, Edinburgh Evening News reported.

Manufacturing 3D-printed tumours developed from cancer stem cells, primary cells and established cell lines, it wants these to be used for clinical trials in a bid to advance treatments for patients.

Although Carcinotech, which is situated at the Roslin Innovation Centre, is already connected with Cancer Research UK; CRO, a big clinical research firm based in the US; and other global pharma organisations, this injection of cash will allow the company pursue the “next phase of growth”.

Founder and chief executive of Carcinotech Ishani Malhotra said this stage will “involve building international partnerships, growing the team, and appointing a scientific advisory committee to support the work of the main board”.

TriCapital, along with Gabriel Investments, Eos Advisory, SIS Ventures, Gabriel, Alba Equity and Scottish Enterprise all invested in the company, believe it could make a big difference in cancer research.

Chairman and managing partner of TriCapital Syndicate LLP Moray Martin stated Carcinotech is “one of the most exciting early-stage companies to come out of Scottish life sciences sector in recent times”.

He added there is already “traction and momentum” for the organisation as it aims to grow with this investment opportunity.

Eos Advisory partner Ana Stewart also described Carcinotech’s technology as “pioneering”, adding it has the “potential to make a significant impact in discovery, screening and pre-clinical testing”.

Carcinotech now plans to increase its presence in Europe and the US, maintaining Scotland’s reputation for its world-class life science research and development.

Chairman of the company Albert Nicholl said: “It’s great to see Carcinotech making an impression in international markets.”

“Ishani and her team are now positioned to step up activity in Europe and North America, and it’s great for the company to be doing that with such a supportive group of investors,” he added.

This has been just one of the recent advancements for Scottish life sciences, as Kynos Therapeutics from the University of Edinburgh has received £9 million to expand its research team.

The Scotsman reported Epidarex Capital, IP Group and Scottish Enterprise is giving £6.5 million in equity financing, while Kynos Therapeutics will also receive a £2.5 million Innovate UK grant for phase one of the clinical trial of kynurenine 3-monooxygenase (KMO) inhibitor.

Immune-metabolic specialist Kynos Therapeutics is intending to commercialise drug research on KMO, concentrating on using the treatment in critical illness after surgery, in inflammatory conditions, and in cancers where inflammation is preventing immune recovery.

It was previously part of a co-development programme with pharmaceutical company GSK, and has several KMO inhibitors that it has licenced exclusively from the University of Edinburgh.

Speaking with the news provider, chief executive officer of the company professor Damian Mole said the organisation intends to improve patient health “by developing our programme in the therapeutic area of inflammation and immunometabolism”.

To attract investment on this level, it is important to market your business correctly. Contact us today for life science lead generation advice.