Alfacyte raises Seed Investment to move from research into development
Glasgow based pharmaceutical company Alfacyte announced today it has raised £350,000 in equity and grant funding to advance development of an oral vaccine for the treatment of peanut allergy.
Having recently celebrated its first anniversary, the EOS Technology Investment Syndicate marked the occasion with this milestone investment, which is supported by £120,000 from the Scottish Investment Bank’s Scottish Co-investment Fund.
Alfacyte also received £100,000 from Scottish Enterprise’s SMART:SCOTLAND grant programme to directly fund development and production of the proprietary molecule that will form the basis of the vaccine.
Prof. Bill Stimson, Alfacyte’s Chief Scientific Officer, said “Peanut allergy affects up to 2% of the Western population and is the most common cause of fatal food-induced anaphylaxis. These funds are the first step toward changing the lives of those who suffer from this life-limiting condition.”
Kevin Grainger, Founder and Gatekeeper of EOS, said “Our investors were excited by the significant potential of the underlying science which Alfacyte intends to exploit, initially in the treatment of peanut allergy. We are delighted to be able to provide the seed funding to start them along this journey.”
Kerry Sharp, head of Scottish Investment Bank, commented, “Alfacyte is a great example of an innovative Scottish company. Our equity investment and grant funding will help the company to realise its global ambitions. We look forward to seeing it develop and grow.”
About Alfacyte
Alfacyte was established in 2012 by Prof. William Stimson, Professor of Immunology at The University of Strathclyde in Glasgow. Alfacyte has been exploring the differences in immune response between the alpha-interferon sub-types with a view to identifying those that can be optimised in drug therapy. Its first target is the development of an oral vaccine for peanut allergy. www.alfacyte.com
About the EOS Technology Investment Syndicate
Based in St. Andrews, the EOS Technology Investment Syndicate (“EOS”) is an entrepreneurial led group of private angel investors. EOS provides ‘seed funding’ to start-up, or early stage, science and technology businesses operating in a range of sectors such as software, renewables, bio-medical, oil and gas, marine, etc. www.eos-tech-investors.com