Aberdeen-based Elasmogen says its remit is discovering and developing new therapeutics using its soloMER platform, with the latest £8 million funding round led by BGF (formerly known as Business Growth Fund) and the Scottish National Investment Bank (SNIB), with support from existing investor Scottish Enterprise.
The firm says it is focused on applying its technology to treatment of solid-tumour cancers, systemic inflammatory diseases, and inflammatory conditions of the gut – with a key target market valued at $2.4 billion (£2.3bn) in 2019.
It added that its soloMER technology has roots in the University of Aberdeen where it started out as Haptogen in 2006.
Following the latest investment, Dr Jane Dancer – a veteran of guiding commercial strategy for platform biotechnology companies – will be joining Elasmogen’s board as non-executive director.
The privately held biopharmaceutical company previously secured grant funding from Scottish Enterprise and the Biotechnology and Biological Sciences Research Council in 2014 and has since raised upwards of £9m from investors such as Deepbridge Capital and grant funding bodies including Innovate UK.
Elasmogen boss Dr Caroline Barelle said: “Securing this investment is truly transformational for Elasmogen … the company is well-positioned to make a significant impact in the therapeutic biologics arena.”
SNIB investment director Simon Comer said: “Elasmogen’s next-generation biologics for inflammatory, autoimmune diseases and oncology have the potential to significantly improve the health of people in Scotland as well as globally.”