, a discovery-stage biotech company developing the next generation of cell therapies to treat cancer, is excited to announce today the completion of a £3.57M ($5M) funding round. The funding will support the development of CytoSeek’s Artificial Membrane-Binding Protein (AMBP) platform for its internal cell therapy programs and the development and out-licence of its novel AMBP technology. As a result, CytoSeek is actively expanding its scientific and operational team.
The funding round was led by Science Creates Ventures (SCV), a new early-stage Bristol-based deep tech EIS investment fund. SCV is focused on next-gen technologies that can revolutionise healthcare, quality of life and the environment. SCV was launched in December 2020 and CytoSeek is its first investment. Parkwalk, the largest EIS fund over the last couple of years, and an early investor in the business through its University of Bristol Enterprise Fund , also joins the syndicate. The funding is also supported by new investors Meltwind, Luminous Ventures, and existing investor UKI2S together with new and existing angel investors. SCV and Parkwalk members will join CytoSeek’s Board of Directors. The company was advised by the law firm VWV LLP on this raise.
CytoSeek’s proprietary AMBP technology provides a route to enhanced functionality for cell therapies to improve their tumour-killing performance, without the need for genetic modification of the cells. The Company is deploying the AMBP technology to improve the efficacy of cell therapies for the treatment of cancers caused by solid tumours. CytoSeek is commercialising its technology via a model that includes development and out-licence of its novel AMBP technology. The Company launched in late 2019 with an investment of £1.1M ($1.5M), which included an Innovate UK award and funding from UKI2S and angel investors. Since launch, CytoSeek has strengthened its management team, Board and SAB and secured additional grant funding.
Carolyn Porter, CytoSeek CEO said: “We are delighted to be SCV’s first investment and to be supported by a syndicate of experienced investors. This is a testament to the growth potential of the Company’s technology and the strength of the team. We look forward to working with our new and existing investors to advance our mission of developing the next generation of cancer cell therapies.”
Adam Perriman, CytoSeek Director and CSO said: “We are extremely excited to embark on the next phase of the Company’s growth. We know that the AMBP technology has huge potential in the cell therapy space. It’s great that this investment will put us one step closer to the clinic where we can help treat cancer patients.”
Harry Destecroix, General Partner at SCV, said: “We’ve been impressed with CytoSeek’s academic credentials and the strength of its leadership team. It continues to push forward with its pioneering innovations by developing new therapies that could ultimately save thousands of people’s lives. I feel very positive about the company’s significant growth potential.”
Cassie Doherty, Investment Director at Parkwalk, said: “Parkwalk are delighted to continue to support Cytoseek on their journey to commercialise their cell therapy technology, which we hope will result in a meaningful impact on cancer patients’ lives in the future.”
About CytoSeek https://www.cytoseek.uk/
CytoSeek is a discovery stage biotech company established to develop next generation cell therapies using Artificial Membrane-Binding Protein technology originating from Professor Adam Perriman’s research group at the University of Bristol. The Company is based at Unit Dx in St Philips, Bristol, UK. Existing investors include local entrepreneurs, members of the Bristol Private Equity Club, the Venture Capital Fund UKI2S and the University of Bristol Enterprise Fund managed by Parkwalk Advisors. CytoSeek was recently recognised by SCRIP as one of its “10 To Watch” companies at Bio- Europe Digital 2020, the 26th annual global life sciences partnering event. This is a nomination for emerging companies displaying promise in drug discovery and development.
About SCV https://www.sciencecreates.co.uk/ventures
Science Creates: Ventures is a Bristol-based venture capital firm. Science Creates Ventures EIS Fund 1 offers investment into early-stage deep tech companies. It’s focus is on technologies that have the potential to improve healthcare, quality of life, and the environment around us. Science Creates Ventures is supported and backed by successful entrepreneurs behind multiple tech and deep tech exits.
About Parkwalk http://www.parkwalkadvisors.com
Parkwalk is the largest growth EIS fund manager, backing world-changing technologies emerging from the UK’s leading universities and research institutions. With £250m of assets under management, it has invested in over 100 companies across its flagship Parkwalk Opportunities EIS Fund as well as the award-winning enterprise and innovation funds Parkwalk manages for the Universities of Cambridge, Oxford and Bristol.
Parkwalk invests in businesses creating solutions to real-world challenges, with IP-protected innovations, across a range of sectors including life sciences, AI, quantum computing, advanced materials, genomics, cleantech, future of mobility, MedTech and big data.
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Cassie Doherty, [email protected]
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