Angels fly in to give Antoxis a £300,000 funding boost

Published on Sunday 15 March 2009 20:09

A BIOTECH firm spun out of Glasgow University has received £300,000 in funding from a consortium of investors to help bring its products to market.

The Aberdeen-based Antoxis, which develops treatments for Parkinson's, stroke, Huntington's and other diseases linked with ageing, is to use the cash to develop commercial deals and validate its patents.

The funding was led by business angel syndicate Kapital Venture Equity, in partnership with Grampian BioPartners, TRI Capital Limited and the Scottish Enterprise Scottish Co-investment Fund. Nelson Gray, an independent business angel and chairman of Antoxis, said: "This latest round of investment is crucial in driving forward the great work that we have been doing to develop innovative means of helping treat crippling diseases such as Parkinson's, Huntington's and stroke."

David Grahame, executive director of LINC Scotland, the national association for business angels, added: "The success of Antoxis in securing a new round of investment shows that, despite the current economic challenges, business angels are still supporting innovative and viable companies."