A biotechnology company which hopes to develop new therapies for cancer has raised $10 million (£7.5m) from investors in a boost to the key life sciences sector in Scotland.
Edinburgh-based AdoRx Therapeutics raised the money from financiers with global portfolios including the Epidarex Capital private equity business which has shown confidence in the potential of a range of Scottish firms.
Epidarex joint managing partner Sinclair Dunlop is a Scot who developed his business career in the US after getting a political economy degree from the University of Glasgow.
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Founded by Epidarex last year, AdoRx has recruited a team of senior life sciences figures to lead an effort to develop a new range of therapies for cancer.
It is working on the design of treatments that aim to tackle the problem caused by cancers evading the body’s immune system due to high levels of a chemical called adenosine.
Chief executive Pete Finan said: “High levels of adenosine in the tumour enable cancer cells to evade the immune system. We have assembled a team that has discovered in excess of 25 clinical candidates to address this drug discovery challenge.”
Epidarex said the financing would enable AdoRx to accelerate its programs and generate fit-for-purpose therapies targeting the adenosine pathway without saying what the plans might mean for jobs in Scotland.
“AdoRx has made significant progress in the very short time since the company was created and we are very excited about its potential,” said Epidarex partner Liz Roper. “There is an unmet need for cancer therapies that achieve a durable response.”
The backing for AdoRx provides another vote of confidence in Scotland’s life sciences capability on the part of a firm which says it has a track record of partnering with scientists and entrepreneurs to develop highly innovative products for the global healthcare market.
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Epidarex is based in Edinburgh and has offices in the US and Japan.
Ms Roper noted: “This is another great example of where companies in traditionally under-ventured regions throughout the UK, including Scotland, can benefit from strong backing in order to help drive changes in how we treat serious diseases like cancer.”
Epidarex has links with a number of Scottish universities. It was founded in 2010 by Mr Dunlop and technology sector specialist Kyparissia Sirinakis.
The firm has five other firms based in Scotland in its portfolio. These include Glasgow university spin out Clyde Biosciences which is developing technology to evaluate drug toxicity, and Edinburgh Molecular Imaging.
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The portfolio includes firms based in England, the US and Germany.
The funding round was supported by the CRT Pioneer fund. This was established by Hertfordshire-registered Sixth Element Capital with Cancer Research Technology and the European Investment Fund in 2012 to bridge the investment gap between cancer drug discovery and the development process.
Mr Finan is a former head of the UK biomedical research operation established by multinational Novartis. He has led programs in oncology, inflammation and regenerative medicine.
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