NuCana, an Edinburgh, UK-based clinical stage biopharmaceutical company, completed a $57m Series B financing.
The round was led by new investor Sofinnova Ventures, with participation from Sofinnova Partners, and existing investors Morningside Ventures, Alida Capital International and the Scottish Investment Bank. In conjunction with the funding, James Healy and Gerald Chan, Co-Founder and Chairman of Morningside Ventures, will join the Board of Directors.
The company intends to use the funds for development of its portfolio of anti-cancer medicines. The company intends to use the funds to expand the clinical program for its lead product, Acelarin, which has shown results in patients with a range of cancers that were resistant to all conventional therapies (it will be developed initially for patients with pancreatic, biliary, lung and ovarian cancers, and bring a second ProTide (NUC-3373) into the clinic later this year, with two further ProTides scheduled for 2015.
Led by Hugh S Griffith, CEO and Co-Founder, NuCana has exclusive worldwide rights to the ProTide technology in cancer, which creates compounds that bypass key resistance mechanisms associated with anti-cancer drugs.