Drug discovery accelerator secures £1.7m backing
Clare Wareing and Alan Wise of Cumulus Oncology and Mark Beaumont and Andrew McNeill
Europe’s first oncology drug discovery accelerator, Cumulus Oncology, has received £1.7 million from a consortium of investors led by St Andrews-based investment firm Eos Advisory.
Other investors are the Scottish Investment Bank, Alba Equity, Apollo, Investing Women and the endurance cyclist Mark Beaumont.
Founded in 2017, Cumulus creates spin-out companies developing anti-cancer therapies and fast-tracking treatments into clinical trials for cancer types that do not respond well to existing procedures.
The Eos-led round, which marks one of the investment firm’s largest deals to date, enables Cumulus to continue to scale its business model at pace and take advantage of what the company describes as “significant market opportunities in Europe”.
Founder and CEO Clare Wareing said: “While the business model is well developed in the US, Cumulus is leading the way in Europe. Having spent three years carefully curating a high-calibre team and building a portfolio of oncology asset-centric spin-out companies, we are poised to scale the business.
“Venture capital and trade investors see the value of the European biotech sector, which has matured markedly over the last few years evidenced by a threefold increase in venture financing, the doubling of European VC funds and increased investment from the US.
“We have some exciting portfolio and partnership announcements in the pipeline.”