University spinout life sciences venture Awen Oncology, which is developing a range of anti-cancer drugs, has been boosted with an equity investment round.
Originally founded with a Cancer Research 海角视频 grant and based at Wales’ first dedicated science park, M-SParc in Gaerwen, Awen Oncology is a spin-out of Bangor and Cardiff universities.
Its latest equity round has been backed by the Development Bank of Wales and Start Codon. The funding will further develop its pioneering range of anti-cancer drugs that target a variety of cancer types. It brings the total funds raised by Awen Oncology to more than £1m.
Read More : Latest equity deals in Welsh business
Read More: Major clean hub plans for Port of Barry
The therapeutics start-up was set-up by co-founders Dr Ramsay McFarlane, Dr Jane Wakeman and Prof Andrea Brancale, a world leader in computational medicinal chemistry. The company also has support from clinical teams across the 海角视频.
The development bank has made a six-figure equity investment alongside a further six-figure investment from Start Codon, a specialist life science venture builder. Start Codon will also support Awen Oncology through its innovative a its programme, designed to nurture early-stage companies and increase their chances of success. Awen Oncology also has financial backing from Cancer Research 海角视频, Innovate 海角视频 and the Welsh Government SMART capital programme. Additionally, the company has been selected for further development through Innovate 海角视频 Business Growth, a scale-up programme for businesses that drive economic development.
The innovative platform developed by Awen Oncology addresses a significant unmet need in oncology, by homing in on previously untargeted human developmental genes that, while dormant in healthy tissues, behave unexpectedly during the onset and progression of cancer.
Most Read
Co-founder and chief executive of Awen Oncology, Dr McFarlane, said: “Our technology opens up a new space in oncology drug discovery, to treat a range of malignancies, including rare cancers that currently have no effective treatment options. We are confident that the combined backing of the Development Bank of Wales and Start Codon, alongside the universities and M-Sparc, means that we now have the support to fast-track our innovative science into a successful global commercial venture that could help treat cancers.”
Dan Rooke, co-founder and chief operating officer at Start Codon said: “Awen Oncology is a really exciting company, with a game-changing technology that we believe has the power to unlock new cancer treatments and drastically improve patient outcomes. We are delighted to invest alongside our friends at the Development Bank of Wales – a first for Start Codon – and are looking forward to helping the Awen team to develop their technology and grow the company into a leader in the cancer therapeutics space.”
Tom Davies, an assistant investment executive with the Development Bank of Wales. He said: “With world-leading academic expertise in the biology of oncogenic developmental factors, Awen Oncology is pioneering new oncology drugs that could potentially treat several different forms of cancer and help progress the development of the biopharmaceutical industry in Wales. The specialist support of Start Codon as co-investors, alongside our funds, means that the company is well-placed to progress the research and development of its drugs and attract further funding from industry-leading investors.”