VCs in £22m round for PsiOxus
Imperial Innovations and Invesco Perpetual have contributed £5.5m each to a £22m financing round in British biotech company PsiOxus Therapeutics.
Both investors first invested in the company in December 2010 and commited £5.5m each. The remaining £11m was contributed by new investors SR One and Lundbeckfond Ventures. Following the transaction, Imperial Innovations will own 26% of the company.
The investment will support the phase I and II clinical trials of ColoAd1, a broad-spectrum anti-cancer drug, developed to destroy tumor cells. ColoAd1 will be tested for treatment of colorectal cancer.
Company
PsiOxus Therapeutics is an Oxford-based biotechnology company, focusing on alternative cancer treatment drugs and medication for wasting diseases. The company was created out of the merger of Hybrid Biosystems and Myotec Therapeutics in December 2010.
PsiOxus is not yet profitable.
People
Susan Searle, CEO, led the deal on behalf of Imperial Innovations. Dr John Beadle is CEO of PsiOxus.
Advisers
Equity - Covingtons & Burling (Legal); Osbourne Clarke (Legal).
Company - Taylor Wessing (Legal).
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