Biotechnology company MedAnnex has secured an £11 million cash injection to support development of its “groundbreaking” therapies as it prepares for clinical trials.
The Edinburgh firm has received £1m follow-on funding from long-standing partner the Scottish Investment Bank (SIB), adding to a recent £10m scale-up investment by major life sciences backer Morningside Ventures.
MedAnnex, which has developed “novel” antibodies designed to treat autoimmune disorders and other serious diseases, is currently expanding as it gears up for clinical testing of its innovations. The company is also collaborating with teams at University College London, University of Glasgow and Anglia Ruskin University.
MedAnnex’s management team includes biotech entrepreneur Chris Wood, who founded Nasdaq-listed NuCana and Bioenvision.
The fresh investment comes weeks after the firm appointed pharmaceutical industry veteran Ian Abercrombie as chief executive.
Abercrombie previously held senior positions in Johnston and Johnston, Genzyme and Caris Life Sciences, as well as at Bioenvision and NuCana.
He said: “This funding represents a significant endorsement of our proprietary antibody technology and establishes MedAnnex as a leading UK biotechnology company.
“The Series B investment will accelerate the development of our ground-breaking therapies that may bring something new to patients and their families.”
Kerry Sharp, director of the SIB, the investment arm of economic development agency Scottish Enterprise, said: “Having supported MedAnnex from an early stage, through initial seed funding and Smart: Scotland innovation support, it is great to see the business raising the funds required to implement its expansion plans.”