Investment and recruitment announced at Cheshire biotech group

Dr Michael Carter

A Cheshire biotech company has completed a £300,000 fundraising, and appointed a new non-executive director to its board.

BiVictriX Therapeutics, based in Alderley Park, has successfully completed an internal fundraising round, in which all major shareholders participated.

These included the existing institutional shareholders, Alderley Park Ventures and Development Bank Wales, as well as existing and new high net worth individuals.

The funding will allow the company to complete non-clinical studies in preclinical models of leukaemia on its lead project BVX001 and initiate additional projects ahead of a planned Series A in 2020.

It also announced, today, that Dr Michael Carter has joined its board in a non-executive capacity.

Dr Carter brings more than 40 years of board and senior management experience in the life sciences sector, including an active role in the development of more than 20 medicines.

He served as director of the Pharmaceuticals Division of Roche Products, and then as a member of the ICI Pharmaceuticals board from 1986 to 1998, holding senior management roles in both international clinical development and international marketing.

In 1998 he became the first venture partner at SV Healthcare Partners, an appointment that he held until 2016, and is currently a member of the investment and strategic advisory committees of Healthcare Royalty Partners.

He has held non-executive director positions at a number of biotechnology companies in the USA and EU, raising more than $7bn from the acquisitions of several of these companies, and is currently a non-executive director of Oncternal Inc, a clinical-stage oncology company based in San Diego.

Norman Molyneux, chairman of the board of directors at BiVictriX, said: “I am delighted to welcome Michael to the board of BiVictriX.

“His deep understanding and experience of the life sciences sector, both in the development and commercialisation of cancer therapeutics, and in building successful biotechnology companies, will be invaluable as BiVictriX continues to progress its project portfolio.

“I look forward to his contributions in supporting the company in its next phases of development.”

Dr Carter said ; “I’m very pleased and excited to be joining the BiVictriX board at this critical moment in the company’s development.

“BiVictriX’s capability to discover and develop a new generation of targeted cancer immunotherapeutics has the potential to change the way that cancer is treated, and I look forward to working with the company’s management team as we advance these drugs towards the clinic.”