Incanthera (“the Company”), is pleased to announce a successful fundraising of £1.3 million from existing and new investors; acquisition of a new drug programme and the acquisition of Spear Therapeutics Limited.
New equity investment of £1.3 million from existing and new investors, including SPARK Impact; manager of the NWF (Biomedical) LP and Advent International.
Funds raised will be used to progress the Company’s three drug programmes through late stage pre clinical development to prepare them for entry into Phase I/II clinical studies.
Acquisition of New Drug Programme
Under the existing pipeline agreement with the University of Bradford, the Company has acquired a new drug development programme. The opportunity affords a novel targeted chemotoxin selective for colorectal cancer. The drug is converted within the colon tumour to an ultrapotent cytotoxin that has no known resistance mechanism.
Acquisition of Spear Therapeutics Limited
Spear Therapeutics Ltd is a private UK biotech company in the field of Oncology. The acquisition has brought further depth to Incanthera’s pipeline, broadening the patent portfolio and strengthening the company position in selective drug-activation by giving access to further proprietory chemistry and drug candidates.
Simon Ward, Chief Executive Officer of Incanthera, commented:
“Incanthera has taken a major step forward in its ambition to build a successful commercially focused company, through the development of a broad range of drug development programmes in oncology.
With these recent acquisitions we now have 3 proprietary drugs in pre clinical development, supported by the pipeline agreement with the University of Bradford, which will produce further opportunities for the Company to continue to build its portfolio.
We are particularly delighted to receive again the support from our existing investors, including NWF (Biomedical) LP and also to welcome new investors, including Advent International.”
For further information, please contact:
Incanthera 0161 817 5005
Tim McCarthy, Executive Chairman 07831 675747
Simon Ward, Chief Executive Officer 07747 625506
Suzanne Brocks 07776 234600
Note to Editors
About Incanthera Limited
Established in 2010, Incanthera is a drug development company focused on the development of proprietary, targeted pro-drugs, to address areas of high, unmet medical need in cancer.
In particular, the lead product (ICT 1&2), endorsed by UK clinical opinion leaders, has the ability to deliver highly specific targeting, providing a solution directly to the tumour source. Development to date has also so far demonstrated no observable side effects to this treatment.
The Company is a ‘spin-out’ from the University of Bradford’s Institute of Cancer Therapeutics (the “ICT”), which focuses on novel developments in oncology. An agreement with the ICT provides the Company with the first right of refusal to license or acquire innovative technology or product offering in the field of oncology (including diagnostics) emerging from their research platform. ICT 1&2 was the first product acquired from the ICT.
In 2014 the Company acquired Onco-NX Ltd, a ‘spin-out’ from The University of Salford. The acquisition brought in ICT 3, a second targeting anti-cancer programme. Furthermore, the acquisition established a strong relationship with Salford, affording a second University-source of pipeline opportunities.
The Company operates from a low cost base via a productive pipeline of early stage technology opportunities. The Company is managed by a team of highly experienced individuals from the Pharmaceutical and Biotechnology industry with a mixture of commercial, scientific and regulatory backgrounds. The management team also has considerable experience in the establishment, funding and growth of companies in the industry.