NW fund woos Yorkshire spin-out
A UNIVERSITY spin-out has received investment to develop a new cancer therapy.
Incanthera has developed a ‘smart bomb’ treatment to target tumour cells directly using a molecule that allows highly toxic drugs to attack tumours with virtually no side effects for the rest of the body.
The University of Bradford spin-out has received £25m from SPARK Impact, manager of the £25m North West Fund for Biomedical.
Incanthera, which has relocated to Liverpool Science Park following the deal, will use the investment to complete several pre-clinical studies.
The investment will also be used to try to leverage further investment allowing the company to begin clinical trials by the final quarter of 2012.
Dr Simon Ward, chief executive of Incanthera, said: “In the current climate it is increasingly difficult to raise finance for any earlystage drug development programmes, so I am very grateful to SPARK Impact for its faith and belief in not just the company but also the significant work already carried out by the Institute of Cancer Therapeutics.”
Dr Penny Attridge, senior investment director at SPARK Impact and manager of The North West Fund for Biomedical, said: “I am delighted to announce this investment into Incanthera. It’s a great privilege to be able to provide funds for such a high quality product developed by a world-class
team in an area as important as cancer therapeutics.”
