XO1 Ltd, a Hatfield, UK-based newly-formed biotechnology company, raised $11m in funding.
Created by Index Ventures, XO1 aims to develop a novel anticoagulant drug to prevent heart attack and stroke without causing bleeding.
The company intends to use the capital to develop ichorcumab, an antibody invented at the University of Cambridge, which targets the clotting enzyme thrombin. The funds will be utilized to accelerate new drug discovery, complete the preclinical development of ichorcumab, and to manufacture substantial quantities of the antibody.
Led by David Grainger, Venture Partner at Index Ventures and interim Chief Executive, XO1 will operate in virtual mode, without offices or labs, using out-sourced drug development expertise from across the globe.
Kevin Johnson, Partner at Index Ventures, and Andrew Walsh, Manager, Health Care at Cambridge Enterprise, the University’s commercialization arm, joined the Board of the company.