Edinburgh, Scotland-based Cumulus Oncology company operating in th3 Europe’s first oncology biotech creation business model raised GBP 9 million in seed financing. The company announced the fundraise on January 8, 2023. Existing investor Eos Advisory (“Eos”) led the financing for the company. A new corporate investor, the Scottish National Investment Bank (“the Bank”) joined in the financing.
Purpose of financing for Cumulus Oncology
With the latest financing, Cumulus seeks to expand its existing portfolio of companies. It has plans to focus on de-risking science and prioritising the strongest programmes, scientifically and commercially.
What the company’s official has to add
Clare Wareing, Founder and Chief Executive Officer of Cumulus Oncology said, “This funding round marks an important milestone for Cumulus, as oncology remains a critical area of scientific innovation and unmet medical need. At Cumulus, we’re not only innovating at the scientific level but also offering a uniquely differentiated process for decision-making and prioritisation in drug discovery and development. The business model enables only the strongest science to be translated from discovery into clinical trials. Our portfolio approach aims to enhance the ultimate success rate in cancer therapy development, which currently remains unacceptably low. It also provides an alternative approach to the de-risking of early-stage oncology investment. We are grateful for the support from Eos and the Scottish National Investment Bank enabling us to continue investing in our existing companies and expand our portfolio of new biotechs, advancing our mission to develop the next generation of cancer therapies.”
What the investors have to comment
Paul Callaghan, Investment Director at the Scottish National Investment Bank, further said, “Cumulus, aided by an extremely experienced and capable team, is innovating not only in the science but in the entire process of how drugs are moved from discovery to later stage clinical trials. We are really pleased to be helping them achieve their ambitions and shine a spotlight on Scotland’s drug discovery capabilities.”
Besides, Andrew McNeil, Managing Partner of Eos, added, “The Cumulus approach is one that supports the development of a range of cancer treatments, this inherently reduces risk by not placing reliance on one therapeutic candidate. We see this as a really exciting and novel business model, with a team who have the track record of having brought 17 new cancer drugs to market throughout their careers. Eos has been proud to support Cumulus since its inception.”
About Cumulus Oncology
Clare Wareing in 2017 launched the company. Cumulus continues to develop a capitally efficient business model. The company sources novel oncology assets from academic institutes, commercial drug discovery groups and biopharmaceutical companies. The Cumulus scientific and commercial team members identify novel targets for drug discovery programmes which the company funds, supports and collaborates on.
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