EDINBURGH-BASED biotech firm MedAnnex Ltd has secured £11 million to develop new treatments for autoimmune diseases and other medical conditions.

It received a £1m from the Scottish Investment Bank, the investment arm of Scotland’s national economic development agency, Scottish Enterprise, and £10m Series B investment earlier from Boston-based global life sciences investor Morningside Ventures to close a funding round for the firm.

MedAnnex is a privately-owned company founded by UK biotech entrepreneur Professor Chris Wood, and is undergoing rapid expansion in preparation for clinical trials, and is working Glasgow University.

Ian Abercrombie, MedAnnex chief executive the funding “represents a significant endorsement of our proprietary antibody technology and establishes MedAnnex as a leading UK biotechnology company”.

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The Series B investment will accelerate the development of our ground-breaking therapies that may bring something new to patients and their families.’

Kerry Sharp, Director of the Scottish Investment Bank, said: "Having supported MedAnnex from an early stage, through initial seed funding and SMART: SCOTLAND innovation support, it is great to see the business raising the funds required to implement its expansion plans.

"We are delighted to welcome Morningside Ventures as a new investor into the company and we look forward to continuing to work with MedAnnex to deliver its long-term growth ambitions."

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Scott Johnstone, chief executive of the Scottish Lifesciences Association, said: "This is great news and we are delighted to see one of the world’s leading investors, Morningside Ventures, once again invest in a proven management team and an innovative and potentially disruptive technology.

"The life sciences community in Scotland continues to shine and we look forward to supporting the team at MedAnnex taking the business forward.’