Cumulus Oncology, which operates Europe’s first oncology biotech creation business model, announces the successful raise of £9m in seed financing.
The funding round was led by existing investor Eos Advisory (Eos) and includes a new corporate investor, the Scottish National Investment Bank (the Bank).
Cumulus, headquartered in Edinburgh, operates using a unique 'hub and spoke' model as a company creation studio with Cumulus acting as the creator of high value spin-out companies.
Focusing on new areas of biology where strong scientific validation exists, Cumulus is leading the development of a new wave of therapeutic options for cancer patients.
The model enables Cumulus to leverage its deep expertise and successful track record in new drug approvals in the oncology area, keeping pace with scientific innovations and spreading the risk associated with therapeutic development.
Cumulus will utilise the new funding to expand its existing portfolio of companies, focusing on derisking science and prioritising the strongest programmes, scientifically and commercially.
The first company established by Cumulus, Nodus Oncology, is actively engaged in two innovative oncology drug discovery programmes in the area of DNA damage response (DDR).
A second company, currently in stealth mode, is set to be unveiled in early 2024. Further projects are poised to read out on important data points, which will form the basis of at least a third new company creation in the next 12 months.
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."
Paul Callaghan, Investment Director at the Scottish National Investment Bank, 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.”
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.”