BioCity drugs developer secures £38m investment
Professors Alessio Ciulli and Sir Mike Ferguson
Drugs development firm Amphista Therapeutics has unveiled a £38 million investment that will enhance its work to develop treatments for a range of diseases.
The company is a spinout from Professor Alessio Ciulli’s labs at the University of Dundee’s School of Life Sciences and is based at BioCity in North Lanarkshire.
The Series B financing round is one of the largest investments of this kind to be made in Scotland. The round was co-led by Forbion and Gilde Healthcare, while additional investors include Novartis Venture Fund and Eli Lilly and Company.
Amphista has now raised more than £45m from leading life sciences investment companies and funds.
Professor Ciulli, the scientific founder of Amphista therapeutics, welcomed the investment. He said: “My lab’s work at Dundee over the last eight years is recognised as world-leading in the field of TPD, which is providing an entirely new way of tackling diseases.
“As a co-founder of Amphista, I am delighted to have contributed to its growth, and that the commercial potential of our ideas is starting to be validated.
“This very substantive financing round by a consortium of outstanding investors shows the originality and quality of Amphista’s assets and workforce.
“It is very exciting to see innovative science translate towards patient benefit.”
Professor Sir Mike Ferguson, Regius Professor of Life Sciences at Dundee, said, “The level of investment in Amphista is testament to the quality of the science emerging from the University and a sign of how that can be commercialised in a very exciting way.
“The University’s pipeline of new spin-out opportunities is stronger than it has ever been, and we are committed to growing the biomedical industry sector and creating new jobs and opportunities in Dundee and in Scotland.
“This will be hugely helped by the £25 million Innovation Hub project that we are developing with funding from the Tay Cities Deal.”
Amphista CEO Nicola Thompson added: “This financing round, led by an outstanding investor syndicate, is a strong endorsement of our world class team and our novel approach.”