A Scottish firm set up in 2017 has raised an initial £4.1 million to accelerate its programme of spawning new cancer research companies.
The funding round in support of Edinburgh-based Cumulus Oncology was led by Eos Advisory of St Andrews, with additional support from Scottish Enterprise. An further £1.5m will follow in the coming months.
Cumulus set up Nodos Oncology in April 2020, followed in September 2020 by Modulus Oncology, a venture in partnership with the University of Sheffield.
“With the support of our cornerstone investors, we will accelerate our business model to identify and develop new oncology treatments that target the unmet medical needs of specific cancer patient populations,” said Clare Waring, chief executive and co-founder of Cumulus.
Cumulus has also announced the appointment of Dr Russell Greig as its new chairman. Mr Greig, a GlobalScot, spent much of his career working in both drug development and investment at GlaxoSmithKline, where he held several senior management positions.
READ MORE: Eos Advisory calls up cycling world record holder to drive future investment
More recently, he has worked at board level for a number of biotech firms and has advised venture capital groups specialising in life sciences in the US, Europe and Asia via his Greig Biotechnology Global Consulting business.
“Cumulus has established a unique position in Europe, and is set to make an impact further afield in other regions including North America,” Mr Greig said. “I look forward to helping to guide Clare and her expert team around strategic focus over the months and years ahead.”
Andrew McNeill, managing partner of Eos Advisory, added: “Clare and her team have made tremendous progress over the last few years, are at the forefront of their field in the European context, and we are pleased to continue our support of the business as Cumulus enters its next phase of growth.”
Kerry Sharp, director of growth investments at Scottish Enterprise, said the progress made to date by Cumulus has been “fantastic”.
“With Scottish Enterprise investment, which focuses on early-stage high growth potential companies, this company can continue to develop its ambitious plans,” he said.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel