Cumulus Oncology has secured a £4.1m investment led by St Andrews-based investment firm Eos Advisory.
Scottish Enterprise invested alongside Eos, as the biotech company plans further scale, with an additional £1.5m due to follow in the coming months.
Cumulus was founded in 2017 to identify novel oncology assets to de-risk and add value to, before creating spin-out companies to commercialise novel cancer therapies.
After founding Nodus Oncology in April 2020 to conduct research into DNA damage response (DDR), Cumulus formed Modulus Oncology in September 2020 alongside the University of Sheffield.
Chief executive and co-founder Clare Wareing said: “With the support of our cornerstone investors, we will accelerate our business model to identify and develop new oncology treatments that target the unmet medical needs of specific cancer patient populations.”
Andrew McNeill, managing partner at Eos Advisory, said: “Clare and her team have made tremendous progress over the last few years, are at the forefront of their field in the European context, and we are pleased to continue our support of the business as Cumulus enters its next phase of growth.”
Cumulus is also announcing that Dr Russell Greig will be joining the board as chair.
He spent much of his career working on both the drug development and investment sides of the business at GlaxoSmithKline, holding positions including president of international pharmaceuticals, and senior vice president for worldwide business development.
More recently, Greig has held board roles for a series of biotechs and has advised life science venture capital firms and biotechnology companies in the US, Europe, and Asia, via his Philadelphia-based Greig Biotechnology Global Consulting business.
He said: “Cumulus has established a unique position in Europe, and is set to make an impact further afield in other regions including North America - I look forward to helping to guide Clare and her expert team around strategic focus over the months and years ahead.”
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