Scots biotech working on potential Covid-19 treatment gets major funding injection
A Scottish biotechnology company working on potential Covid-19 therapeutic treatments has secured its first international investment.
Glasgow-based ILC Therapeutics has received global attention through its work exploring Covid therapeutic treatments with the University of St Andrews. It has now secured “significant” investment from its first global investor, Medical Incubator Japan (MIJ).
The core patented science of the company, developed by founder and chief scientific officer professor William Stimson, is based on the modulation of the human innate immune system through its own synthetic “hybrid” interferons.
The innate immune system is involved in a number of diseases and conditions including asthma, gut inflammatory disorders, Alzheimer’s disease and cancer and is vital for fighting viral infections like coronavirus.
MIJ is a healthcare-focused venture capital company aimed at investing in early-stage life sciences companies across a broad range of innovations. Its second fund launched in the summer, focusing on investments both in Japan and overseas.
Alan Walker, chief executive at ILC Therapeutics, said: “This latest investment from MIJ demonstrates the growing recognition of ILC Therapeutics as a global leader in modulating the innate immune system, and we are thrilled to have them aboard. We feel hugely positive about this next chapter in ILC Therapeutics’ development.”
MIJ joins an existing cohort of investors which includes Scottish Enterprise and St Andrews-based investment syndicate Eos Advisory, which is the company’s first and largest investor.
MIJ president Jun Katsura added: “We are delighted that ILC Therapeutics is the first investment of our second fund and our first investment in the UK.”
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