SPEAR THERAPEUTICS RAISE $8.5 MILLION TO FUND CANCER DRUG DEVELOPMENT
London, UK, 28 November 2005 - Cancer Research Technology (CRT), Bloomsbury Bioseed Fund (BBSF), De Montfort University (DMU) and the Gray Cancer Institute announce today that US venture capital firm Advent International has invested $8.5 million in Spear Therapeutics Ltd.
CRT, DMU, BBSF and the Gray Cancer Institute (GCI) established Spear Therapeutics to drive the development of a novel class of anti-cancer therapeutics. The new class of cancer drugs arose from research carried out at both DMU and GCI, which was supported by Cancer Research UK.
The portfolio of compounds are prodrugs that are designed to be selectively activated by cancer cells, thereby minimising damage to normal tissues. The most advanced clinical candidates will be applicable to any tumour expressing the enzyme CYP1B1 and as such are directly relevant to the major cancers including breast, lung and prostate.
Marios Fotiadis of Advent International said: “We are excited for the opportunity to advance a novel class of anti-cancer therapies developed by Spear. The structure of this investment allows us to focus our efforts and resources on the clinical development of these novel agents. We expect that this financing will allow Spear to produce meaningful clinical data.”
Spear Therapeutics expects the first of its prodrugs to progress into clinical trials in late 2006.
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Notes to editors
About Cancer Research Technology Limited
Cancer Research Technology Limited (CRT) is a specialist commercialization and development company, which aims to develop new discoveries in cancer research for the benefit of cancer patients. CRT works closely with leading international cancer scientists and their institutes to protect intellectual property arising from their research and to establish links with commercial partners. CRT facilitates the discovery, development and marketing of new cancer therapeutics, vaccines, diagnostics and enabling technologies. CRT is wholly owned by Cancer Research UK, the largest independent funder of cancer research in the world. Further information about CRT can be found at www.cancertechnology.com.
About Cancer Research UK
Cancer Research UK is Europe's leading cancer charity, dedicated to research into the causes, prevention and treatment of cancer. The charity supports the work of 3,000 scientists, doctors and nurses in over 80 academic centres across the UK, with an annual scientific spend of more than £213 million. Cancer Research UK is the European leader in the development of novel anti-cancer treatments; from their discovery at the laboratory bench to early clinical trials in cancer patients. Further information about Cancer Research UK can be found at www.cancerresearchuk.org.
About De Montfort University
De Montfort University (DMU) is a leading institution for professional, vocational and creative education, underpinned by research excellence. In the Government's most recent Research Assessment Exercise (RAE 2001), DMU received a higher proportion of top grades 5s and 4s - indicating national and international research excellence - than any other post-1992 university. DMU values the importance of research to sustain quality in higher education and support collaborative work with business and industry.
About Bloomsbury BioSeed Fund
The Bloomsbury BioSeed Fund is a £4 million Fund related to prominent universities and research institutes in London, led by University College London and Cancer Research UK. The Fund is dedicated to life science, with a very hands-on policy.
Since start in 2000, the Fund has invested in 9 companies, with two successful start-ups in the field of oncology: Spirogen Limited and Spear Therapeutics. For more information, visit www.bbsf.org
About the Gray Cancer Institute (GCI)
The Gray Cancer Institute is based at Mount Vernon Hospital in Northwood, Middlesex. It is a leading centre for research applied to cancer treatment, working in close collaboration with clinicians at Mount Vernon. Although its main focus is on radiotherapy, research in tumour physiology has led to new initiatives in chemotherapy. Particular strengths include the translation of research into clinical trials, and the application of the latest developments in technology to further understanding of physical, chemical and biological factors important in cancer treatment. The Institute provides a well-equipped and multi-disciplinary research environment in which new ideas flourish and can be brought rapidly to clinical reality. Further details: www.gci.ac.uk
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