ILC Therapeutics Announces Successful Completion of £3.5m Funding Round
- Funds to be used to accelerate development of Alfacyte - ILCT’s lead hybrid interferon designed to combat viral infections including Covid.
- Board strengthened with three new appointments.
GLASGOW, Scotland--(BUSINESS WIRE)--ILC Therapeutics, a UK-based biotechnology company and pioneer in the discovery and development of a ground-breaking new class of interferon drugs, announces the successful completion of a £3.5m pre- IPO funding round.
Investors include Los Angeles-based lawyer and investor, Robert Kopple; St Andrews-based Eos Angel Investment Syndicate; Scottish Enterprise; ILCT management.
Chairman Peter Bains said: “We are very pleased to complete this important funding round and to strengthen the Board with the appointment of Robert Kopple, Professor David Harrison and Chris Brinsmead. With this funding in place, ILCT is now well positioned to strengthen its novel technology platform and to advance its lead candidate, Alfacyte™ through IND enabling studies in preparation for clinical trials as an anti-viral therapeutic for Covid 19.’’
The company’s CEO, Dr Alan Walker said: “We are living through the most rapidly evolving viral environment the world has seen. Catalysed by the global Covid crisis, governments and markets alike are recognizing the critical need for effective and safe antiviral medicines, both to meet the immediate challenges of today and the inevitable new threats of tomorrow. ILC Therapeutics Hybrid interferon platform technology is well positioned to address these needs and Alfacyte™, our lead candidate, has the potential to become an important antiviral treatment in the ongoing global fight against Covid-19, and future pandemic threats.’’
Alfacyte™ is ILCT’s lead Hybrid interferon drug candidate and is being developed as an inhaled medicine to treat Respiratory Viral Infections (RVIs) including SARS CoV-2. ILCT’s Hybrid Interferons are designed by identifying selected favourable attributes of naturally occurring interferon subtypes and combining them together in a new class of novel Hybrid Interferons. ILC’s Hybrid Interferons are designed to provide enhanced efficacy and improved safety in comparison to their natural interferon subtypes. In vitro testing has demonstrated that Alfacyte™ has many times greater antiviral activity against SARS-CoV-2 cell culture than any other available interferon.
Note to Editors
About ILC Therapeutics
ILC Therapeutics Ltd is an emerging biotechnology company focused on modulating the innate immune system through the design and development of novel hybrid interferon drug candidates.
Interferons are naturally produced chemical messenger molecules that ‘interfere’ with viral reproduction; they are the body’s first and most powerful defence against all viral pathogens. However, in many cases, and these include SARS, MERS and Covid-19, viruses evolve resistance mechanisms to evade or reduce natural interferon responses.
ILCT’s Hybrid Interferons are designed by identifying selected favourable attributes of naturally occurring interferon subtypes and combining them together in a new class of novel Hybrid Interferons. ILC’s Hybrid Interferons will evade natural resistance and have the potential to provide enhanced efficacy and improved safety in comparison to the natural interferon subtypes.
The company was founded by Prof. W. H. Stimson FRSE, who established the Department of Immunology at The University of Strathclyde.
Eos invests through its Angel Syndicate, its EIS Innovation Fund and global Venture Partnerships. It also has Scottish Enterprise co-investment status.
About Scottish Enterprise
Scottish Enterprise is Scotland's national economic development agency. We’re committed to growing the Scottish economy for the benefit of all, helping create more quality jobs and a brighter future for every region.
Mr. Brinsmead was Chairman of Astra Zeneca UK Limited and President of the Association of British Pharmaceutical Industry (ABPI). Prior to that, he was President of Astra Zeneca UK Limited and held other senior global marketing and management roles with AstraZeneca, Zeneca and ICI Pharmaceuticals.
Chris is currently Business Advisor to the UK Office of Life Sciences, and a non-executive director of Domino Printing Sciences plc, United Drug plc, The Wesleyan Assurance Society and Kinapse Limited. He received a B.Sc. in engineering from Nottingham University and a Master’s in business science from the Manchester Business School.
Professor David Harrison
David is Professor of Pathology at the University of St. Andrews, with Honorary Chairs in Edinburgh, Glasgow, and Florida.
He is also Honorary Consultant Histopathologist at NHS Lothian and Designated Individual with oversight of human tissue in research. His research interests include quantitative pathology and the determination of cell fate after injury.
Bob has practiced law in Los Angeles, CA for more than 40 years in the field of taxation and business law. As an entrepreneur, he has financed more than a dozen small companies including several involved in medical science. Bob currently sits on the Board of Directors of several biotechnology companies including MiNA Therapeutics.
For more information on ILC Therapeutics, please visit: www.ilctherapeutics.com
Follow ILC Therapeutics on LinkedIn: www.linkedin.com/company/ilctherapeutics/
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