Biotech firm’s £500K funding for targeted cancer drug research

Manchester-based biotech company BiVictriX Therapeutics has secured £500,000 in seed funding for targeted cancer drug research.

It has announced the completion a of a successful fundraise to develop a new class of drug to attack the disease.

The money has been raised from a syndicate comprising Alderley Park Ventures, Finance Wales and some high net worth individuals.

Funds will be used to establish proof of principle on the company’s two lead programmes.

Acceleris Capial Ltd (Manchester UK) provided corporate finance advice to the company.

Founded in 2016 by serial life sciences entrepreneur Dr Peter Jackson and BVX chief executive 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.

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.”

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.

WTiffany 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.

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