European oncology company Carrick Therapeutics nets $95m from ARCH, Woodford and other investors
Cambridge Innovation Capital plc (“CIC”), a Cambridge-based investor in technology and healthcare companies, announces that it has invested in Carrick Therapeutics Ltd (“Carrick”), a European oncology company, as part of a $95 million funding round backed by some of the most eminent providers of early-stage capital.
Carrick has a clear vision for cancer patients: to target the molecular pathways that drive the most aggressive and resistant forms of cancer in order to have a major impact on the lives of patients. Carrick is building an innovative portfolio of first-in-class treatments that are advanced through understanding the mechanisms that cause cancer and resistance and are tailored to an individual patient’s tumour.
One of Carrick’s founding scientific programmes is derived from work undertaken at the Gurdon Institute in Cambridge. This was licensed by Cambridge Enterprise, the commercialisation arm of the University of Cambridge, and Carrick received seed funding. The founding academics of Storm Therapeutics, in which CIC invested earlier this year, are also based at the Gurdon Institute.
The $95 million funding round was led by US-based ARCH Venture Partners and Woodford Investment Management with participation from Cambridge Enterprise, Evotec AG, GV (Google Ventures) and Lightstone Ventures, alongside CIC. This funding is one of the largest early stage investments in a European university spin-out.
With a highly experienced management team led by CEO, Dr Elaine Sullivan, a former Vice President for Research and Development at both Eli Lilly and AstraZeneca, Carrick intends to drive its portfolio of ground-breaking cancer therapies from laboratory to clinic.
Commenting on the announcement, Robert Tansley, Investment Director, Healthcare at Cambridge innovation Capital, said: “Carrick Therapeutics combines a world class management team with a strong and broad based approach to tackling the development of new cancer therapies. This is another CIC investment forged through our strong links with Cambridge Enterprise and the University of Cambridge and we look forward to working with the Carrick team as its development assets expand and progress.
“The establishment of Carrick, backed by such a high-quality syndicate of investors, underlines yet again the quality of science emanating from the Cambridge cluster.”
Elaine Sullivan, CEO of Carrick Therapeutics, said: “This is an exciting new venture in cancer treatment, backed by some of the biggest investors in the field. Our aim is to build Europe’s leading oncology company. There is a significant unmet need in cancer treatment, and targeting aggressive and resistant disease is an area where we can make a real difference to patients’ lives.”
Carrick Therapeutices is a unique new venture in cancer research. They are bringing together world-class cancer researchers and drug development experts to create the leading oncology company in Europe. Carrick’s innovative vision is to target the molecular pathways that drive the most aggressive and resistant forms of cancer in order to have a major impact on the lives of patients rather than banking on a single compound or biological mechanism. Carrick Therapeutics is building an innovative portfolio of first-in-class treatments that are advanced through understanding the mechanisms that cause cancer and resistance and tailored to an individual patient’s tumour.
Source : Cambridge Innovation Capital Press Release