Spin-out wins funding
Press release issued: 9 December 2004
NeuroTargets Ltd., a discovery-led biotechnology company spun out from the University of Bristol, today announces that it has received seed financing from the SULIS Seedcorn fund, a £9 million seed fund set up as part of the government's university challenge fund initiative.
NeuroTargets Ltd., a discovery-led biotechnology company spun out from the University of Bristol, today announces that it has received seed financing from the SULIS Seedcorn fund, a £9 million seed fund set up as part of the government’s university challenge fund initiative.
NeuroTargets was founded in 1999 by ANGLE plc to commercialise the research of Professor David Wynick at Bristol University. The company focuses on the development of novel therapeutic products in areas of high unmet medical need, related to nerve injury and pain. NeuroTargets’ development strategy involves sharing the cost of lead generation, pre-clinical and early clinical development phases with specialist development partners. In return for providing their development expertise, the parties will share rights to future milestone payments and royalties.
David Kennard, CEO of NeuroTargets, said, “NeuroTargets has received this financing in a difficult market, which highlights the potential value of the company’s approach to developing innovative solutions to diseases of immense concern to patients and healthcare providers. NeuroTargets has already validated a number of promising drug targets and high throughput screening for drug candidates for one such target has now commenced in collaboration with BioFocus plc.”
Jamie Brooke, Investment Director at Quester, who manage the SULIS Seedcorn fund commented, “We are delighted to have the opportunity to work with NeuroTargets as they move forward in developing their business. This is a perfect example of the type of company our university challenge funds seek to support and we have been greatly impressed by the quality of NeuroTargets’ research and the progress that they have made to date.”
The global pain market is currently estimated at over $20 billion and is forecast to grow strongly over the next 10 years. There are currently no marketed treatments that have been specifically developed to target neuropathy or neuropathic pain.
NeuroTargets was founded in 1999 by ANGLE plc to commercialise the research of Professor David Wynick at Bristol University. The Company discovers and develops new drugs for neurological diseases, having developed a highly efficient, patented technology for discovering novel and rarely expressed genes associated with neuropathy, such as diabetic neuropathy, and neuropathic pain.
Founded in 1984, Quester is an independent venture capital company specialising in growth companies and has approximately £300 million under management. Quester focuses on producing diversified portfolios for investors. It has teams who specialise in two areas - information and communications technologies, and healthcare and life sciences.Quester manages venture capital funds on behalf of international institutional investors and funds from academic institutions including Oxford University. It also has five listed VCTs