Sofinnova and Morningside back NuCana BioMed

The investment will support NuCana's development of its anti-cancer therapies through its ProTide Technology platform. Sofinnova says the firm fits with its strategy to focus on life sciences firms using new technologies.

Sofinnova met the founders of NuCana six years ago when they were managers of Bioenvision and have remained in contact. Following their sale of Bioenvision, the founders approached Sofinnova for investment in NuCana. Sofinnova were impressed by the founders' entrepreneurial approach and keen to invest in a platform with the potential to change the market.

Company
Founded in Edinburgh in 2008, NuCana is led by CEO Hugh Griffith and executive chairman Chris Wood, who collectively have more than 40 years' experience developing new cancer drugs. The pair founded and grew biopharmaceutical company Bioenvision into a NASDAQ-listed, global company which was sold to Genzyme Corporation in 2007 for $345m.

NuCana has exclusive worldwide rights to ProTide Technology, which allows commonly used cancer drugs to bypass the pathways that make cancer cells resistant, extending the drugs' effectiveness. The first compound will enter clinical studies in early 2012, with two further compounds to follow soon after.

People
Partner Rafaèle Tordjman and principal Robbie Woodman worked on the transaction for Sofinnova. Tordjman has been appointed to the board.

Advisers
Equity – Morgan Lewis, Keith A Black (Legal); MMS, Catriona Borthwick (Legal).
Management – Edinburgh Corporate Solicitors, Martin Quinn (Legal).

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