ILC Therapeutics Announces Successful Completion of £3.5m Funding Round
ILC Therapeutics, a UK-based biotechnology company and pioneer in the discovery and development of a ground-breaking new class of interferon drugs, announces the successful completion of a £3.5m pre- IPO funding round.
Investors include Los Angeles-based lawyer and investor, Robert Kopple; St Andrews-based Eos Angel Investment Syndicate; Scottish Enterprise; ILCT management.
Chairman Peter Bains said: “We are very pleased to complete this important funding round and to strengthen the Board with the appointment of Robert Kopple, Professor David Harrison and Chris Brinsmead. With this funding in place, ILCT is now well positioned to strengthen its novel technology platform and to advance its lead candidate, Alfacyte™ through IND enabling studies in preparation for clinical trials as an anti-viral therapeutic for Covid 19.’’
The company’s CEO, Dr Alan Walker said: “We are living through the most rapidly evolving viral environment the world has seen. Catalysed by the global Covid crisis, governments and markets alike are recognizing the critical need for effective and safe antiviral medicines, both to meet the immediate challenges of today and the inevitable new threats of tomorrow. ILC Therapeutics Hybrid interferon platform technology is well positioned to address these needs and Alfacyte™, our lead candidate, has the potential to become an important antiviral treatment in the ongoing global fight against Covid-19, and future pandemic threats.’’
Alfacyte™ is ILCT’s lead Hybrid interferon drug candidate and is being developed as an inhaled medicine to treat Respiratory Viral Infections (RVIs) including SARS CoV-2. ILCT’s Hybrid Interferons are designed by identifying selected favourable attributes of naturally occurring interferon subtypes and combining them together in a new class of novel Hybrid Interferons. ILC’s Hybrid Interferons are designed to provide enhanced efficacy and improved safety in comparison to their natural interferon subtypes. In vitro testing has demonstrated that Alfacyte™ has many times greater antiviral activity against SARS-CoV-2 cell culture than any other available interferon.