Funds raised for Selkirk business
Tycoons back Borders firm ahead of acquisition
Former rugby union backer Brian Kennedy and transport tycoon Sir Brian Souter have invested in a Borders drugs company ahead of a likely acquisition.
Mr Kennedy, one-time majority shareholder in Sale Sharks, will also join the board of Selkirk-based Ryboquin which develops cancer treatments.
Daily Business has learned that the company is engaged in talks to acquire London-based Nanogenics. It is understood the company will raise a seven figure sum for the deal.
The two companies already have a partnership to promote the targeted nucleic acid delivery system LipTide.
Mr Kennedy and Sir Brian are among a group of new and existing shareholders who have raised £1.8 million in an equity fund to accelerate four-year-old Ryboquin’s on-going product development.
Other investors include Borders business angel group, TRI Capital and the Scottish Investment Bank.
Paul Murray, executive chairman, said: “The support from existing shareholders and the investment by Brian Kennedy and Sir Brian Souter, two esteemed leaders and hugely successful businessmen, is testimony to the potential of Ryboquin and to the work we are undertaking in the field of cancer gene therapy drug development.
“We also welcome Brian Kennedy to the board and look forward to his contribution as we seek to grow the business both organically and by acquisition.”
Mr Kennedy said: “I am delighted to be part of Ryboquin and to be working with the team that could make great progress in the treatment of cancer and other diseases.”