Drugs funding

Covid treatment firm ILC secures Japanese investor

Alan Walker (right)

Alan Walker (right): ‘growing recognition

Scottish biotechnology company ILC Therapeutics, which is working on treatments for Covid-19 and other conditions, has secured a ‘significant’ investment from Medical Incubator Japan, its first global investor. It is also MIJ’s first investment in a biotech company in Europe.

ILC, based at Newhouse in Lanarkshire, has received international attention through its work with the University of St Andrews and is working on treatments for cancer, atopic dermatitis, psoriasis and allergic asthma amongst other conditions.

More recently it discovered that its ongoing research has potential to treat COVID-19.

Dr Alan Walker, chief executive, said: “This latest investment from MIJ demonstrates the growing recognition of ILC Therapeutics as a global leader in modulating the Innate Immune System, and we are thrilled to have them aboard. We feel hugely positive about this next chapter in ILC Therapeutics’ development.”

MIJ joins existing investors which include Scottish Enterprise and St Andrews-based investment syndicate EOS Advisory, which is the company’s first and largest investor.

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