New investor brought in
SIB backs biotech pioneer MedAnnex with £1m support
Ian Abercrombie: ‘significant endorsement’
Biotechnology company MedAnnex has received a further £1 million investment from the Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise.
This adds to a recent £10m Series B investment, by Boston-based global Life Sciences investor Morningside Ventures, to close an £11 million funding round for MedAnnex.
The company was founded by UK biotech entrepreneur Professor Chris Wood and has developed treatments for autoimmune disorders and various other serious diseases.
It is undergoing rapid expansion in preparation for clinical trials and is working with internationally renowned experts at leading UK universities.
CEO, Ian Abercrombie, said: ‘This funding represents a significant endorsement of our proprietary antibody technology and establishes MedAnnex as a leading UK biotechnology company. The Series B investment will accelerate the development of our ground-breaking therapies that may bring something new to patients and their families.’
Kerry Sharp, director of the Scottish Investment Bank, said: ‘Having supported MedAnnex from an early stage, through initial seed funding and SMART: SCOTLAND innovation support, it is great to see the business raising the funds required to implement its expansion plans.
“We are delighted to welcome Morningside Ventures as a new investor into the company and we look forward to continuing to work with MedAnnex to deliver its long-term growth ambitions.’