Cell Medica Receives £17M Investment
Cell Medica, a London, Uk-based clinical stage cell therapeutics business, has received a £17m investment.
- Imperial Innovations Group plc (AIM: IVO), which committed £3m and will hold a 28% stake in the business;
- Invesco Perpetual, which committed £4m;
- the Cancer Prevention and Research Institute of Texas (CPRIT), which committed £9.7m.
The Wellcome Trust will also become a shareholder in the business through elected conversion of a loan security into equity.
The company intends to use the capital to continue development of its immune reconstitution cell therapies in Europe and to launch new operations in Texas, US, focusing on cancer immunotherapy.
Led by CEO Gregg Sando and newly appointed Chairman Thomas Hecht, Cell Medica has developed technology based on the selection, activation and expansion of immune cells, specifically T-cells, which can prevent and treat a range of diseases. Its CytovirTM product family treats life-threatening viral infections in leukaemia and lymphoma patients who have undergone bone marrow transplants. The European market launch of CytovirTM CMV for cytomegalovirus infections is targeted for 2013 following completion of two randomised controlled studies on-going in the UK.
The company plans to expand its management team both in the US and Europe.