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.

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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.