Aurum Biosciences secures £670k in seed funding to advance stroke therapies
The financing round was backed by Infinion Biopharma, the Scottish Investment Bank, Scottish Health Innovations, and TRICAPITAL.
Aurum Biosciences is a clinical stage biopharmaceutical company developing novel oxygen carriers and diagnostic software for MRI applications. The firm focuses on addressing serious medical conditions including stroke, cardiology, oncology, and neuro-degenerative diseases.
Aurum Biosciences has secured £670k in a new seed equity funding round to support its clinical development programme. The financing was backed by Infinion Biopharma, the Scottish Investment Bank, Scottish Health Innovations, TRICAPITAL, and individual investors.
The capital will be directed towards the company's core strategy of advancing novel therapies and diagnostics for stroke, specifically preparing for a phase 2 clinical trial of its lead product, ABL-101, at Glasgow's Queen Elizabeth University Hospital. This injection of capital builds upon previous support received from the Wellcome Trust.
From the founder
"We are delighted to complete this second round with our initial investment partners and bringing in a new investment partner, Infinion. This funding will allow us to extend our work beyond the successfully completed pre-clinical trials where Aurum’s lead product has demonstrated great potential in both stroke treatment and diagnosis. We are especially pleased that Infinion have joined the investment and look forward to them helping to drive Aurum forward with their global expertise in the biopharma sector. There has been few new therapies or diagnostics approved for acute ischaemic stroke in recent years. Our products provide hope for the many patients, carers and healthcare professionals who live with the consequences of this devastating condition."
Jim McGuire
CEO at Aurum Biosciences
Investor perspective
"SHIL has been working with Aurum Biosciences for over five years following the successful spin-out from NHS Greater Glasgow and Clyde and University of Glasgow. Significant progress has been made in advancing the diagnosis and treatment of stroke with promising results evident in pre-clinical trials. This is vital work; in Scotland alone stroke remains the third biggest killer and the leading cause of disability. This new investment from SHIL and other investors, combined with ambitious development plans, will support the team to extend their work in stroke, and other conditions; with the ultimate aim of saving and improving lives."
Graham Watson
Executive Chair, Scottish Health Innovations
Use of funds
- 01Fund research and development
Investors
Govind Chavada
Infinion Biopharma
Scottish Investment Bank
Graham Watson
Scottish Health Innovations
Jamie Andrew
TRICAPITAL
Categories
About the company
Aurum Biosciences
Aurum Biosciences develops novel oxygen carriers and diagnostic software for clinical use.