BGF, Scottish National Investment Bank and Scottish Enterprise join forces to invest £8m in Aberdeen biologics company Elasmogen | No more news

BGF, Scottish National Investment Bank and Scottish Enterprise join forces to invest £8m in Aberdeen biologics company Elasmogen

ABERDEEN, United Kingdom I May 18, 2022 I Elasmogen – a biopharmaceutical company discovering and developing new therapies using its unique soloMERMT platform – secured an investment of £8m. The funding round was led by BGF and Scottish National Investment Bank (The Bank), with additional support from existing investor Scottish Enterprise. The multi-million pound investment will allow Aberdeen-based Elasmogen to continue to develop its portfolio of next-generation drugs through preclinical trials.

The company’s soloMERMT The technology is based on molecules naturally present in the immune system of sharks, which are the equivalent of human antibodies but smaller and more stable. Elasmogen’s pipeline is focused on applying this soloMER technology to treatments for solid tumor cancers, systemic inflammatory diseases and inflammatory bowel conditions.

Elasmogen’s lead program, in partnership with Almac Discovery, is a soloMER-Drug-Conjugate targeting ROR1 in solid tumor cancers. It falls into the fast-growing class of antibody-drug conjugates (ADCs), a market valued at $2.4 billion in 2019 that is attracting increasing interest. as a way to develop more targeted cancer therapies.

The soloMER technology has its roots at the University of Aberdeen where it was first established as Haptogen Ltd in 2006, before being acquired by US pharmaceutical company Wyeth in 2007 and later by Pfizer. Its co-founder and CEO, Dr Caroline Barelle, who was recognized as a “Rising Star” at the Scottish Life Sciences Awards, led the Elasmogen spin-out and has guided the company since its inception.

Elasmogen previously secured grants from Scottish Enterprise and the Biotechnology and Biological Sciences Research Council in 2014 and has since raised over £9m from investors, such as Deepbridge Capital, and grant funding bodies such as ‘Innovate UK, to support the development of its soloMER technology and to facilitate growth in key markets. The company has also established commercial partnerships, notably with Almac Discovery and Intract Pharma.

Following this investment, Dr. Jane Dancer will join Elasmogen’s Board of Directors as a non-executive director. Dr. Dancer brings with her extensive experience in guiding commercial strategy for biotechnology platform companies. His previous roles include Commercial Director at F-star Biotechnology Ltd, Vice President of Business Development at Cellzome Ltd and Director of Business Development at Cambridge Antibody Technology, later acquired by AstraZeneca.

Dr Caroline Barelle, co-founder and CEO of Elasmogen, said“Securing this investment is truly transformational for Elasmogen and will allow us to advance our first soloMER drugs into the clinic as well as strengthen and advance our exciting product pipeline. technological form, but also the quality, commitment and drive of the Elasmogen team as a whole.With the opening of the new BioHub here in Aberdeen later this year, an initiative led by Opportunity North East, combined with this investment and the quality of our new and existing investors, the company is well positioned to make a significant impact in the therapeutic biologics arena.

Keith Barclay, investor at BGF, commented“We are proud to further expand BGF’s thriving life sciences portfolio by supporting Elasmogen and its outstanding management team.

“Elasmogen’s unique soloMER platform and exciting drug pipeline has made this an extremely attractive opportunity. The soloMER technology has the potential to dramatically improve the lives of patients through new, more targeted therapies, and its platform nature provides opportunities for commercial partnerships as well as a growing internal pipeline of therapeutic programs.

To date, BGF has invested over £100m in a series of breakthrough medical technology companies. Recent investments in drug development include Phoremost, Arecor and Definigen.

Simon Comer, Chief Investment Officer, Scottish National Investment Bank, added: “The Bank’s investment in Elasmogen’s cutting-edge technology supports the Bank’s mission to harness innovation and will promote Aberdeen as a center for innovation and drug development. Elasmogen’s next-generation biologics for inflammatory, autoimmune diseases and oncology have the potential to dramatically improve the health of people in Scotland as well as around the world.

Kerry Sharp, Director of Growth Investments at Scottish Enterprise, said: “We are delighted to provide Elasmogen with further support after supporting the early stages of its development through our high-growth spin program and helping it continue to innovate throughout the pandemic through Early Stage Growth. Challenge Fund. This round will allow the company to expand its clinical trials and unlock more growth and investment opportunities. »

About Elasmogen

Elasmogen is a privately held biopharmaceutical company located in the thriving bio-hub of Aberdeen, Scotland. The company is rapidly developing a pipeline of next-generation soloMER products for the treatment of solid tumor cancers, systemic inflammatory diseases and inflammatory bowel conditions.

To see: www.elasmogen.com

About BGF

BGF was established in 2011 and has invested over £3bn in over 450 companies, making it the most active growth capital investor in the UK. BGF is a minority partner, not a majority shareholder, with a patient vision of investments, based on shared long-term objectives with the management teams it supports. BGF invests in growing businesses in the UK and Ireland through its network of 16 offices. In 2018, Canada launched its equivalent – ​​the Canadian Business Growth Fund – and in 2020 Australia did the same, both based on BGF’s approach and funding model.

Part of BGF’s investment in Elasmogen comes from its recently launched UK Enterprise Fund (UKEF), set up alongside Coutts, NatWest’s private banking arm, to provide clients with access to private, disruptive and diverse companies. who are revolutionizing their sectors.

To see: www.bgf.co.uk / Social networks: @BGFinvestments

About the Scottish National Investment Bank

The Scottish National Investment Bank is Scotland’s premier development investment bank, wholly owned by Scottish Ministers on behalf of the people of Scotland. The Bank is an impact investor, focused on achieving both business returns and mission impacts with its investments. The Bank is a PLC and operationally independent of the government.

The Bank invests in Scotland-related businesses and projects to provide patient long-term debt or equity investment where the private market fails to provide the support businesses and projects need to grow .

The Bank’s missions are:

  • Supporting Scotland’s transition to net zero
  • Building communities and promoting equality
  • Harnessing innovation to enable our people to thrive

The Scottish Government has pledged to capitalize the bank with £2 billion over its first 10 years. Over time, as the Bank’s initial investments are repaid, the Bank will reinvest these funds in businesses and projects creating a perpetual investment fund to support the Scottish economy over the long term. The Bank was established in November 2020. Details of the Bank’s investments are available at https://www.thebank.scot/portfolio/www.thebank.scot

Scottish company is Scotland’s national economic development agency. We are committed to growing the Scottish economy for the benefit of all, helping to create more quality jobs and a better future for every region.

About Deepbridge Capital

To date, Deepbridge has deployed over £200m of venture capital across over 130 companies. By supporting energetic, passionate and skilled management teams, Deepbridge seeks to identify highly innovative companies to become highly successful businesses, with a view to providing optimal returns to investors. As investment specialists in the technology, life sciences and renewable energy sectors, Deepbridge works with recipient companies throughout their funding journey, always ensuring that they produce an appropriate exit for investors. .

For more information, please visit www.deepbridgecapital.com.

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