BiVictriX Therapeutics (“BVX”) has today announced the completion of a successful fundraise to develop a new class of targeted cancer drugs. The company’s ‘Dual Targeting Approach’ is designed to give superior selectivity towards blood cancers.
- Approximately £0.5m has been raised from a syndicate comprising Alderley Park Ventures, Finance Wales and high net worth individuals;
- Funds to be used to establish Proof of Principle on the Company’s technology in two lead programmes;
- Acceleris Capital Ltd (Manchester UK) provided corporate finance advice to the Company.
Founded in 2016 by serial life sciences entrepreneur Dr Peter Jackson and BVX CEO Tiffany Thorn, the company is focused on developing and licensing novel Antibody Drug Conjugates (“ADCs”), which have been coined as the new ‘Magic Bullet’ therapeutics in the field of oncology. The Company has developed a novel strategy, ‘The Dual Targeting Approach’ that improves ADC selectivity towards cancer cells. The lead and back-up candidate are in the areas of Acute Myeloid Leukaemia (“AML”) and a specific type of agressive Non-Hodgkin Lymphoma, respectively. These areas have been targeted due to a combination of unmet clinical need, market size and the specificity of the targeted antigens.
BVX will focus on developing a platform technology to produce next generation bispecific ADCs with superior tumour selectivity. By exploiting its novel therapeutic strategy, the ‘Dual Targeting Approach’, the Company expects to significantly reduce off-target side effects on healthy tissues. This approach differentiates BVX from mainstream ADC developers by improving selectivity and minimising side effects, which can be significant hurdles in the development of these drugs.
The new investors include Alderley Park Ventures and Finance Wales who both look to back innovative, high-technology companies. The principal use of funds will be to initiate early scientific research to demonstrate Proof of Principle for our approach ahead of establishing technical Proof of Concept and selection of a lead therapeutic candidate.
Commenting on the fundraise, BVX’s CEO Tiffany Thorn said,
“We are delighted to close our fundraising with a very strong syndicate of investors who are able to support BVX as we commence operations and look to grow. The Company is now looking forward to demonstrating Proof of Principle for our approach over the next 12 months and have selected a strong panel of service providers to assist in our development now that we have the necessary funds to grow.”
David Youngman, Corporate Finance Director at Acceleris Capital and Non-executive director of BVX, said:
“Acceleris Capital has been delighted to work with BVX to pull together the funding plan and syndicate to allow BVX to commence operations. We are very excited by the potential applications of the ‘Dual Targeting Approach’ in this exciting area of oncology therapeutics.”
Finance Wales Investment Executive Carmine Circelli, said:
“This is an exciting company with strong growth potential. Tiffany and the team have an innovative proposition and we look forward to seeing them commercialize successfully. We’re also pleased to be working with an experienced team of fellow co-investors to support BVX’s expansion in Wales.”
The DWF Corporate team in Manchester acted as legal advisers to the Company in the transaction.
About BiVictriX Therapeutics
BiVictriX Therapeutics Ltd is a North-West based biotech company focused on developing and licensing novel, highly-selective, bispecific ADCs to target unmet medical need in blood cancer. BVX has invented a novel targeting strategy, the ‘Dual Targeting Approach’, to improve ADC specificity towards malignant cells through targeting two cell surface antigens simultaneously, expressed solely in a tumour-restricted co-expression pattern. The Company has two lead programmes in Acute Myeloid Leukaemia and Diffuse Large B Cell Lymphoma which it plans to progress through technical Proof of Concept studies within the next 2 years.
For more information contact:
BiVictriX Therapeutics Ltd
Tel: 07908 719 566
About Acceleris Capital
Acceleris Capital Ltd, launched in 2000, has an expertise in arranging and managing investments by private individuals under the Enterprise Investment Scheme (EIS) and under the Seed Enterprise Investment Scheme, as well as taking an active role in the management of the companies. Acceleris has, to date, arranged funds in excess of £80m into over 50 companies through more than 100 transactions. The company has a focus on technology and high value added companies and ensures an active involvement with the companies post-investment. Through its active network of High Net Worth investors, good relationship with institutional investors and as part of the Seneca Partners group of companies, Acceleris is well placed to deploy funds into early-stage through to development acquisition.
For more information contact:
Acceleris Capital Ltd
Tel: 0161 850 0156
About Alderley Park Ventures
Alderley Park Ventures Ltd (APVL) is an early stage healthcare focused investment Fund based at Alderley Park, UK. An evergreen fund APVL can make seed investments with the typical investment ranging between £50-250,000 (and up to £500,000 in any one company). The fund is managed by Biocity Group Ltd which specialises in the creation and development of life science businesses by providing access to high-end equipment, shared services, training, business support and investment for new and growing bioscience businesses. Over 200 companies are currently based within one of Biocitys 4 current locations making the Biocity network one of the largest concentrations of life science businesses in the UK.
For more information contact:
Alderley Park Ventures Ltd
About Finance Wales
Finance Wales was established by the Welsh Government in 2001 and provides commercial funding to small and medium-sized businesses throughout Wales to enable them to realise their potential for innovation and growth. The company is part of the Finance Wales Group and in 2015-16 the Group invested £63 million through 268 debt-equity investments in growing businesses.
The Finance Wales Group, one of the UK’s largest SME investors, has in excess of £990 million of funds under management across all SME investment funds and the Help to Buy – Wales scheme. The Group has invested more than £484 million through more than 4,018 investments.