Aurum Biosciences Ltd (Aurum) has raised approximately £670k as part of a new round of equity funding. This funding round was supported by Infinion Biopharma Limited (Infinion), the Scottish Investment Bank, Scottish Health Innovations Ltd (SHIL), TRICAPITAL business angel syndicate and individual investors.
Aurum is a Scottish based clinical stage biopharmaceutical company developing novel oxygen carriers and software for use with MRI. Aurum works closely with the University of Glasgow and NHS Greater Glasgow and Clyde to develop products which it hopes will bring significant lifesaving benefits in the areas of stroke, cardiology, oncology and neuro-degenerative diseases.
These funds which will further extend the work already funded by the Wellcome Trust will be dedicated to the company’s core strategy of developing novel therapies and diagnostics in stroke, using its lead product ABL-101. Aurum aim to deliver a phase 2 clinical trial in stroke patients in Glasgow’s Queen Elizabeth University Hospital.
Jim McGuire, Aurum’s CEO said, “We are delighted to complete this second round with our initial investment partners and bringing in a new investment partner, Infinion. This funding will allow us to extend our work beyond the successfully completed pre-clinical trials where Aurum’s lead product has demonstrated great potential in both stroke treatment and diagnosis. We are especially pleased that Infinion have joined the investment and look forward to them helping to drive Aurum forward with their global expertise in the biopharma sector. There has been few new therapies or diagnostics approved for acute ischaemic stroke in recent years. Our products provide hope for the many patients, carers and healthcare professionals who live with the consequences of this devastating condition.”
Commenting on the investment Graham Watson, Executive Chair of SHIL said: “SHIL has been working with Aurum Biosciences for over five years following the successful spin-out from NHS Greater Glasgow and Clyde and University of Glasgow. Significant progress has been made in advancing the diagnosis and treatment of stroke with promising results evident in pre-clinical trials. This is vital work; in Scotland alone stroke remains the third biggest killer and the leading cause of disability. This new investment from SHIL and other investors, combined with ambitious development plans, will support the team to extend their work in stroke, and other conditions; with the ultimate aim of saving and improving lives.”
Commenting on the investment Govind Chavada, Managing Director of Infinion said: “Worldwide, cerebrovascular accidents (stroke) are the second leading cause of death and the third leading cause of disability. Infinion remains committed to bring novel therapies to the market and to that end the symbiosis of Infinion and Aurum is the step in the right direction. Aurum’s lead candidate ABL 101 has great potential to change the therapeutic landscape of ischaemic stroke and other disorders where hypoxic tissue damage is the primary driver of disease pathology.”
Commenting on the investment Jamie Andrew, Chair of Tricapital said: “Stroke remains the third biggest killer in Scotland and the leading cause of disability and is the second leading cause of death worldwide. TRICAPITAL are delighted to provide this further support that will enable Aurum to continue to develop important new treatments and diagnostics in this vital area of healthcare.”
Notes to editors:
AURUM BIOSCIENCES LTD is a clinical stage biopharmaceutical company developing novel therapeutics and diagnostics. The company’s lead technology, for Acute Ischaemic Stroke (AIS) and potentially other life-threatening and serious conditions, was conceived by inventor and Aurum Chief Scientific Officer Dr Celestine Santosh. Follow-on indications include cardiology, oncology and neuro-degenerative diseases. Aurum, headed by a team of experts in the field, has already taken the stroke management product through preclinical development and is currently planning clinical studies of efficacy and safety. ABL-101 an oxygen carrier product, is a PFC-based oil in water emulsion, which is provided to the patient intravenously. The physical-chemical properties of PFCs enable the product to concentrate oxygen from the lungs and transport it through the body releasing it along the way. Over a period of days ABL-101 is gradually exhaled through the lungs during the normal process of respiration.
Scottish Health Innovations Ltd is a private company registered in Scotland and limited by guarantee with three shareholders – Scottish Minister's through the Chief Scientist Office, NHS Tayside and the Golden Jubilee National Hospital. SHIL’s multidisciplinary team use specialised knowledge to help bring new ideas and innovations from healthcare professionals to life. They provide expert services including intellectual property advice and protection, regulatory expertise, project management, idea incubation, funding advice, development and commercialisation, and post-commercialisation monitoring. SHIL support collaboration across the Scottish healthcare innovation ecosystem and work to ensure NHS Scotland provides the right environment to support innovation with an empowered workforce continually driving improvements in the quality and value of patient care.
Infinion Biopharma Ltd is a leading, research-driven, vertically integrated biopharmaceutical company. Their mission is to be a global leader in biopharmaceuticals, improving the lives of patients across the world. Infinion believe that everyone should have access to quality medicines whether it be for managing the disease, fighting infections, or simply improving overall health. They invest in research and development of biologics, biosimilars, and biopharmaceuticals, carrying on the legacy of finding new ways to help patients improve their lives. This defines their values as a company and characterises how they do business and approach healthcare. Infinion has set up a global network of subsidiaries and portfolio companies focused on leading-edge technologies across the health care spectrum including biological manufacturing, drug deliveries, and theranostics, machine learning, and artificial intelligence.
The Wellcome Trust is a global charitable foundation dedicated to improving health. We support bright minds in science, the humanities and the social sciences, as well as education, public engagement and the application of research to medicine. Our investment portfolio gives us the independence to support such transformative work as the sequencing and understanding of the human genome, research that established front-line drugs for malaria, and Wellcome Collection, our free venue for the incurably curious that explores medicine, life and art. www.wellcome.ac.uk
The Scottish Investment Bank (SIB) is the investment arm of Scotland’s main economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF), Renewable Energy Investment Fund and the Scottish Recycling Fund. SIB is the cornerstone investor in the privately-managed Scottish Loan Fund, managed by Maven Capital Partners and an investor in Epidarex Capital’s life sciences fund. Our investment funds support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital. We also provide a team of Financial Readiness specialists to help companies prepare for new investment and access appropriate finance.
TRICAPITAL is a group of 40-50 angel investors and business men and women who invest in innovative businesses. Most are based in the south of Scotland and north of England, with some members also coming from the rest of the UK and abroad. TRICAPITAL was established in 2004 and its members have invested over £14 million in a number of businesses mainly located in Scotland and the Borders.
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