A biotech company behind new ‘nanosyringe’ technology has attracted US pharma giant Eli Lilly as its latest investor after it successfully closed a new £10m funding round.
Coventry-based NanoSyrinx said it will used the cash to advance the development of nanosyringes as a novel platform for the targeted intracellular delivery of biologic therapeutics.
The funding round was co-led by BGF, Octopus Ventures and M Ventures, with support from Eli Lilly and Company, and existing investors, IQ Capital and Meltwind.
Lucy Edwardes Jones, Investor at BGF, said: “While huge advances have been made in the field of biologic therapies, the delivery challenge remains a key bottleneck.
“We are excited by the potential of NanoSyrinx’s unique technology to unlock this, enabling promising new drugs to reach previously inaccessible disease targets in the body.”
NanoSyrinx today also announced the appointment of former Ablynx CEO Edwin Moses as its new chairman, replacing Stephen Taylor who had led the board since the company’s inception.
Moses was CEO of Ablynx NV until its agreed takeover by Sanofi for $4.8 billion in 2018, and CEO of Oxford Asymmetry International plc prior to its sale to Evotec for £316 million.
Dr. Joe Healey, Chief Executive Officer, NanoSyrinx said: “Edwin has significant experience as a successful CEO and Chairman, with extensive involvement in biotech fundraising, strategic commercial partnerships and successful exits.”
Dounded in 2020 to commercialise research at the University of Warwick’s Medical School, NanoSyrinx hopes leverage new technology based around naturally occurring ‘nanosyringes’, thereby delivering functional protein drugs – such as antibodies and enzymes – to the interior of cells which are currently considered ‘undruggable’.
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