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20/02/2017

BiVictriX Therapeutics secures £500,000 seed funding co-investment for targeted cancer drug research

Finance Wales has co-invested in BiVictriX Therapeutics (“BVX”) to support their development of new cancer drugs. Finance Wales’ coinvestment with Alderley Park Ventures and a syndicate of business angels provided approximately £500,000 of seed funding.

From its offices in St Asaph and Manchester BVX will use the funding to establish proof of principle research into its dual-target platform which aims to improve the accuracy of cancer treatments and minimise the side effects experienced by patients.

Founded in 2016 by serial life sciences entrepreneur Dr Peter Jackson and BVX CEO Tiffany Thorn, the company is focused on developing and licensing novel Antibody Drug Conjugates (“ADCs”), which have been coined as the new ‘Magic Bullet’ therapeutics in the field of oncology.

The Company has developed a novel strategy, ‘The Dual Targeting Approach’ that improves ADC selectivity towards cancer cells. The lead and back-up candidate are in the areas of Acute Myeloid Leukaemia (“AML”) and a specific type of Non-Hodgkin Lymphoma, respectively These areas have been targeted due to a combination of unmet clinical need, market size, relative competition in the field and the specificity of the targeted antigens.

BVX will focus on developing a platform technology to produce next generation bispecific ADCs with superior tumour selectivity. By exploiting its novel therapeutic strategy, known as the ‘Dual Targeting Approach’, the company expects to significantly reduce off-target side effects on healthy tissues. This approach differentiates BVX from mainstream ADC developers by improving selectivity and minimising side effects, which can be significant hurdles in the development of these drugs.

Carmine Circelli, Investment Executive in the Technology Venture Investments team, who completed the round for Finance Wales said: “This is an exciting company with strong growth potential. Tiffany and the team have an innovative proposition and we look forward to seeing them commercialize successfully. We’re also pleased to be working with an experienced team of fellow co-investors to support BVX’s expansion here in Wales.” 

Commenting on the fundraise, BVX’s CEO Tiffany Thorn said, “We are delighted to close our fundraising with a very strong syndicate of investors who are able to support BVX as we commence operations and look to grow. The Company is now looking forward to demonstrating Proof of Principle for our approach over the next 12 months and have selected a strong panel of service providers to assist in our development now that we have the necessary funds to grow.

David Youngman, Corporate Finance Director at Acceleris Capital and Non-executive director of BVX provided corporate finance advice to the Company, said:

“Acceleris Capital has been delighted to work with BVX to pull together the funding plan and syndicate to allow BVX to commence operations. We are very excited by the potential applications of the Dual Targeting Approach in this exciting area of oncology therapeutics.”