PredictImmune closes Series B funding round, raising £10M to further accelerate global commercial expansion and support expanding product pipeline
New and existing investors demonstrate strong confidence in the developer of unique and pioneering prognostic tools to guide treatment of patients with immune-mediated diseases
Cambridge, UK, 30 July: PredictImmune, developers of pioneering prognostic tools for guiding treatment options and improving patient outcomes in immune-mediated diseases, today announced the completion of its Series B funding having raised £10M.
The investment cements PredictImmune’s solid financial position, enabling it to build on the successful launch of its first product, PredictSURE IBD™, with a major focus on continued commercial expansion across Europe, the USA and the rest of the world in the coming months. It also allows the organisation to expand its horizons in terms of product development – expanding existing activities in inflammatory bowel disease (IBD) as well as into a range of additional autoimmune areas including systemic lupus erythematosus (SLE). The objective is to build a portfolio of new products to complement and enrich PredictImmune’s prognostic test pipeline in the coming years.
The level of financing reflects the success of the company to date and extends the strong relationship PredictImmune enjoys with existing investors Parkwalk and Cambridge Enterprise. An expectation of further growth and global commercial development also attracted two new major investors, namely BGF and Cambridge Innovation Capital.
Alastair Kilgour, Co-founder and Partner, Parkwalk commented:“Parkwalk are delighted to continue to support the ground breaking technology from Dr Ken Smith’s laboratory at Addenbrookes, which enables the prognosis of IBD and an earlier clinical decision as to the correct drug treatment. This will significantly improve clinical outcomes and enhance patient welfare. The team at PredictImmune have done a magnificent job in productising the technology and are now taking the tests on their commercial pathway. We look forward to seeing the platform extended to benefit clinical outcomes in further diseases.”
Tim Rea, an investor at BGF commented: “As an active investor in diagnostics, we are excited to support PredictImmune’s innovative approach to forecasting the progression of disease. The business has grown quickly to take advantage of demand from a thriving market, and a decade of research from highly-dedicated academic and management teams has been effectively translated into a tool that will materially impact the lives of those afflicted with IBD.”
Michael Anstey, Partner, Cambridge Innovation Capital, commented: “We are thrilled to work with our colleagues at Cambridge Enterprise to support one of Cambridge’s most promising businesses. PredictImmune is at the forefront of personalised medicine, enabling improved treatment choice for patients with immune-mediated diseases. We are especially excited about their lead product PredictSURE IBD™, which has the potential to end ‘trial-and-error medicine’ for patients suffering with IBD.”
Paul Kinnon, CEO, PredictImmune added: “I am delighted with the level of investment secured in this latest round. It’s particularly gratifying to see our existing investors’ confidence in PredictImmune as they follow their initial investments and equally exciting to welcome new investors too. This investment will enable us to keep up the momentum, pushing on with our commercial expansion across the UK, Europe, the USA and rest of the world, whilst also allowing for the expansion and development of our product pipeline. It’s an exciting time to be part of PredictImmune, and as a team we are extremely motivated by both progress to date and our future objectives, especially around enabling improved treatment choice in patients being diagnosed with IBD.”
Immune-mediated diseases, such as IBD and SLE are chronic and incurable with clinical courses that vary among individuals with the same disease. PredictImmune spun out of the University of Cambridge and its first prognostic product, PredictSURE IBD™, is the world’s first, truly validated and CE-marked prognostic test for guiding treatment options in IBD (Crohn’s disease and ulcerative colitis). It enables both clinicians and patients to understand, at the point of diagnosis, the likely course of disease – differentiating between an aggressive or milder form of the disease – and opens up the possibility of better treatment choices from the outset. With a better understanding of the impact the disease may have, options such as life-style changes to improve the day to day management of the disease can be discussed and implemented much earlier on in the treatment process. PredictSURE IBD™ is a major step towards personalised medicine and improved treatment in IBD.
For more information please visit: www.predictimmune.com
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Notes to Editors
PredictImmune aims to develop and commercialise a series of biomarker tests to guide physicians in the treatment of patients with immune-mediated disease, through prediction of long-term clinical prognosis. The first such test, for inflammatory bowel diseases, was discovered and developed in the laboratory of Professor Kenneth Smith, Head of the Department of Medicine at the University of Cambridge in collaboration with gastroenterologists at Cambridge University Hospitals NHS Foundation Trust and other UK NHS hospital trusts. His group has published on the underlying biology of the prognostic biomarkers that comprise the test, which also have relevance in other inflammatory and autoimmune diseases, including vasculitis and Lupus (SLE), where clinical research and development is ongoing in the Smith laboratory. Independent market research indicates that physicians, patients and payers will recognise the value of personalised treatment guidance in Crohn’s disease and ulcerative colitis. PredictSURE IBD™, the company’s first, truly validated and CE-marked test for guiding treatment options in inflammatory bowel disease (Crohn’s disease and ulcerative colitis) is now available in the UK. www.predictimmune.com
· BGF was set up in 2011 and has invested more than £2bn in over 285 companies, making it the most active investor in the UK and globally by number of transactions.
- BGF has £2.5bn to invest in UK SMEs and in Ireland, and an additional €250m to support Irish businesses. Earlier this year, Canada launched its equivalent – the Canadian Business Growth Fund – based on BGF’s funding model, and Australia is now actively exploring the approach as well.
- BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs.
For more information please visit: www.bgf.co.uk Social media: @BGFinvestments
About Cambridge Enterprise Ltd
A wholly owned subsidiary of the University of Cambridge, Cambridge Enterprise Limited is responsible for the commercialisation of University intellectual property. It provides access to early stage capital through the Cambridge Enterprise Seed Funds, University of Cambridge Enterprise Funds and Cambridge Enterprise Venture Partners, and offers business planning, mentoring and related programmes. Activities include management and licensing of intellectual property and patents, proof of concept funding and support for University staff and research groups wishing to provide expert advice or facilities to public and private sector organisations. For more information, please visit: www.enterprise.cam.ac.uk
About Cambridge Innovation Capital plc
Cambridge Innovation Capital (CIC) is a venture capital investor focused on intellectual property rich technology and life science businesses in the Cambridge ecosystem. CIC is committed to building leading businesses from brilliant technologies. It combines a unique relationship with the University of Cambridge with deep financial and industry links to support these businesses as they seek to fulfil their potential to change the world of tomorrow.
For more information please visit www.cicplc.co.uk or follow us on Twitter at @CIC_vc
About Parkwalk – The Parkwalk Opportunities Fund
Parkwalk is the largest growth EIS fund manager, backing world-changing technologies emerging from the UK’s leading universities and research institutions. With £250m of assets under management, it has invested in over 100 companies across its flagship Parkwalk Opportunities EIS Fund as well as the award-winning enterprise and innovation funds Parkwalk manages for the Universities of Cambridge, Oxford and Bristol.
Parkwalk invests in businesses creating solutions to real-world challenges, with IP-protected innovations, across a range of sectors including life sciences, AI, quantum computing, advanced materials, genomics, cleantech, future of mobility, medtech and big data.
For more information please visit: http://parkwalkadvisors.com