Biopharma firm Elasmogen raises £8m for drugs pipeline
A biopharmaceutical company developing treatments for cancers and inflammatory diseases, has secured £8 million in a funding round led by BGF and the Scottish National Investment Bank.
The investment, with additional support from existing investor Scottish Enterprise, will enable Aberdeen-based Elasmogen to continue developing its pipeline of next-generation drugs through pre-clinical trials.
Elasmogen has identified a market valued at $2.4bn in 2019 which has been gaining interest as a means of developing more targeted cancer therapies.
Its technology has roots in the University of Aberdeen where it was first established as Haptogen in 2006, before being acquired by US pharma company Wyeth in 2007 and later by Pfizer.
Its co-founder and CEO Dr Caroline Barelle led the spin-out of Elasmogen and has guided the business since its inception.
She said: “Securing this investment is truly transformational for Elasmogen.”
Elasmogen previously secured grant funding from Scottish Enterprise and the Biotechnology and Biological Sciences Research Council in 2014 and has since raised upwards of £9m from investors, such as Deepbridge Capital, and grant funding bodies such as Innovate UK.
The company has also established commercial partnerships, including those with Almac Discovery and Intract Pharma.
Following the investment, Dr Jane Dancer will bring experience of guiding commercial strategy to biotech companies by joining as a non-executive director.
Keith Barclay, investor at BGF, commented: “We are proud to further expand BGF’s thriving life sciences portfolio by backing Elasmogen and their standout management team.
Simon Comer, investment director, Scottish National Investment Bank, added: “The Bank’s investment in Elasmogen’s advanced technology supports the Bank’s mission to harness innovation and will promote Aberdeen as a centre for drug innovation and development.”