Aurum Biosciences Receives £670k in New Equity Funding Round
Aurum Biosciences Ltd (Aurum) has raised approximately £670k as part of a new round of equity funding. This funding round was supported by Infinion Biopharma Limited (Infinion), the Scottish Investment Bank, Scottish Health Innovations Ltd (SHIL), TRICAPITAL business angel syndicate and individual investors.
Aurum is a Scottish based clinical stage biopharmaceutical company developing novel oxygen carriers and software for use with MRI. Aurum works closely with the University of Glasgow and NHS Greater Glasgow and Clyde to develop products which it hopes will bring significant lifesaving benefits in the areas of stroke, cardiology, oncology and neuro-degenerative diseases.
These funds which will further extend the work already funded by the Wellcome Trust will be dedicated to the company’s core strategy of developing novel therapies and diagnostics in stroke, using its lead product ABL-101. Aurum aim to deliver a phase 2 clinical trial in stroke patients in Glasgow’s Queen Elizabeth University Hospital.
Jim McGuire, Aurum’s CEO said,
“We are delighted to complete this second round with our initial investment partners and bringing in a new investment partner, Infinion. This funding will allow us to extend our work beyond the successfully completed pre-clinical trials where Aurum’s lead product has demonstrated great potential in both stroke treatment and diagnosis. We are especially pleased that Infinion have joined the investment and look forward to them helping to drive Aurum forward with their global expertise in the biopharma sector. There has been few new therapies or diagnostics approved for acute ischaemic stroke in recent years. Our products provide hope for the many patients, carers and healthcare professionals who live with the consequences of this devastating condition.”
Commenting on the investment Graham Watson, Executive Chair of SHIL said:
“SHIL has been working with Aurum Biosciences for over five years following the successful spin-out from NHS Greater Glasgow and Clyde and University of Glasgow. Significant progress has been made in advancing the diagnosis and treatment of stroke with promising results evident in pre-clinical trials. This is vital work; in Scotland alone stroke remains the third biggest killer and the leading cause of disability. This new investment from SHIL and other investors, combined with ambitious development plans, will support the team to extend their work in stroke, and other conditions; with the ultimate aim of saving and improving lives.”
Commenting on the investment Govind Chavada, Managing Director of Infinion said:
“Worldwide, cerebrovascular accidents (stroke) are the second leading cause of death and the third leading cause of disability. Infinion remains committed to bring novel therapies to the market and to that end the symbiosis of Infinion and Aurum is the step in the right direction. Aurum’s lead candidate ABL 101 has great potential to change the therapeutic landscape of ischaemic stroke and other disorders where hypoxic tissue damage is the primary driver of disease pathology”
Commenting on the investment Jamie Andrew, Chair of Tricapital said:
“Stroke remains the third biggest killer in Scotland and the leading cause of disability and is the second leading cause of death worldwide. TRICAPITAL are delighted to provide this further support that will enable Aurum to continue to develop important new treatments and diagnostics in this vital area of healthcare.”