University of Dundee spin-out Glen Clova Scientific nets £4m from parties including Melrose-based syndicate Tricapital Angels and Scottish Enterprise

Life sciences firm “further confirms that Scotland is at the forefront of advancing innovative solutions in biotechnology and healthcare”.

Glen Clova Scientific is described as reinforcing how Scotland 'is at the forefront of advancing innovative solutions in biotechnology and healthcare'. Picture: Getty Images/iStockphoto.

A spin-out from the University of Dundee that is developing drugs to treat chronic inflammatory and autoimmune disorders that it says are more effective and much more cost-efficient than existing offerings has closed a seven-figure funding round.

Glen Clova Scientific (GCS), which was founded in 2022, has locked in the £4 million seed financing round led by impact investor Norcliffe Capital together with capital from Melrose-based syndicate Tricapital Angels, Scottish Enterprise, and DSW Ventures that is focused on UK regional start-ups. The investment will be made in two tranches, of £2.5m and £1.5m.

The biotech firm explains that the funding round enables it to advance the preclinical development of its three initial drug candidates, treating conditions such as eczema and asthma, adding that it has developed a novel virus-like particle (VLP) platform underpinning its product development pipeline, and cites research calculating that the current market for VLP products will reach $7.9 billion (£6.4bn) by 2028.

GCS, which also expects its technology to be used in several non-pharmaceutical markets through partnerships, says its pre-clinical candidates are based on two decades of research in VLPs by co-founder Dr John Foerster and his team at the University of Dundee.

Steven Powell, co-founder of GCS, said: “Our GCS VLP platform has the potential to produce a new generation of active biologic drugs, offering both enhanced performance and a simpler, more cost-effective manufacturing process compared with existing biologic drugs. We believe that these drugs can have a significant impact on large patient populations with poorly met medical needs. We are delighted to have attracted support from a syndicate of high-quality, experienced investors to finance the development of our drug-development pipeline, and the continued expansion of our proprietary technology platform.”

Moray Martin, chief executive of Tricapital Angels – whose recent Scottish investee firms include Carcinotech and Trademylux – said: “We're proud to support the pioneering work of Dr. John Foerster and his team which further confirms that Scotland is at the forefront of advancing innovative solutions in biotechnology and healthcare.”

Patricia Reynolds, CEO of Norcliffe Capital, said a key factor in its investment decisions was “the environment at the University of Dundee, which has an outstanding track record in developing spin-out companies”.