£6.25m injection for cancer drugs firm TC BioPharm
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The company, based at Pentlands Science Park outside Edinburgh, said the funds were provided mainly by Japan’s Nipro Corporation and the Scottish Investment Bank, augmented by several family-based investment sources.
TC BioPharm said much of the investment will be used to move its lead product ImmuniCell towards phase III multinational clinical studies in the UK, European Union and America.
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Hide AdIt said that data from ongoing phase II studies is “encouraging, initial patients are responding well, with an absence of treatment related toxicity or side effects”.
TC BioPharm will progress the phase IIb clinical phase during much of 2017, with a transition to phase III studies towards the year end.
Dr Artin Moussavi, the firm’s chairman, said: “The company has raised almost £9m over the last 12 months. This places TC BioPharm in a strong position to commence confirmatory studies late 2017, moving towards marketing authorisation as efficacy data emerges in cancer patients.”
Kerry Sharp, Head of the Scottish Investment Bank, added: “This fundraising represents an exciting step forward in the evolution of TC BioPharm. Scottish Enterprise has supported the company at each stage of its growth,from providing RSA grant support back in 2014 and SIB equity seed funding.
“We have continued to invest in the company’s future and are delighted to welcome the Nipro Corporation as a new investor into both the company and Scotland.”