Cash call

Scots biotech firm ILC eyes new funds and IPO

Alan Walker of ICL

Alan Walker: significant milestones

Scottish biotech ILC Therapeutics has set its sights on Series A funding and an IPO following its most recent investment round.

The Lanarkshire-based company is on track to commercialise a suite of anti-viral medicines for the treatment of respiratory infections including Covid.  

It is led by CEO Dr Alan Walker, a former vice president of global commercial operations at ProStrakan who has overseen a number of international mergers and acquisitions in the biotechnology sector.

ILC Therapeutics raised £3.5 million in 2021, which included participation by St Andrews-based impact investment firm Eos, Scottish Enterprise, and Los Angeles-based lawyer and investor Robert Kopple.

An additional £2m round led by existing investors was completed in Q4 of 2022.  

Having opened new laboratory facilities at its BioCity headquarters near Glasgow in 2022, ILC is preparing its Alfacyte product for manufacture in Belgium this year, before moving towards Clinical Trial Authorisation (CTA) in 2024.

One of Scotland’s most pioneering biotechs, ILC is also expected to embark on a Series A investment round over the next twelve months, with a view to a possible post-investment round IPO. 

Dr Walker said: “We have achieved significant milestones over the last twelve months, which have enabled us to move rapidly towards our next phase of growth.  

“Coupled with VC and M&A activity elsewhere in the sector, we believe the timing is opportune to engage with the UK and international investor community around supporting our strategic plan and growth prospects through a Series A round that could be followed by a stock market flotation.” 

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