Cancer specialist in £5.6m deal to speed up creation of new treatments
A Scottish company set up in 2017 has raised £4.1m to accelerate its program to create new cancer research companies.
The funding round for Edinburgh-based Cumulus Oncology was led by Eos Advisory of St Andrews, with additional support from Scottish Enterprise. Another £1.5m will follow in the coming months.
Cumulus established Nodos Oncology in April 2020, followed in September 2020 by Modulus Oncology, a company in partnership with the University of Sheffield.
“With the support of our lead investors, we will accelerate our business model to identify and develop novel oncology treatments that target the unmet medical needs of specific cancer patient populations,” said Clare Waring, chief executive and co- founder of Cumulus.
Cumulus also announced the appointment of Dr. Russell Greig as its new president. Mr. Greig, a GlobalScot, has spent much of his career working in both drug development and investment at GlaxoSmithKline, where he held several leadership positions.
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Most recently, he served on the board of directors of several biotech companies and advised life science venture capital groups in the United States, Europe and Asia through his firm Greig Biotechnology Global. Consulting.
“Cumulus has established a unique position in Europe and is poised to make an impact further afield in other regions, including North America,” Mr. Greig said. “I look forward to helping guide Clare and her team of experts around the strategic direction over the months and years to come.”
Andrew McNeill, Managing Partner of Eos Advisory, added: “Clare and her team have made tremendous progress over the past few years, are at the forefront of their field in the European context, and we are delighted to continue to support the company as Cumulus is entering its next phase of growth.
Kerry Sharp, director of growth investments at Scottish Enterprise, said Cumulus’ progress to date was “fantastic”.
“With investment from Scottish Enterprise, which focuses on early-stage businesses with high growth potential, this company can continue to develop its ambitious plans,” he said.