£11m boost for leading Scottish antibody development company
Edinburgh-based biotechnology company MedAnnex Ltd has received a further £1m investment from The Scottish Investment Bank (SIB), the investment arm of Scotland’s national economic development agency, Scottish Enterprise.
This adds to a recent £10m Series B investment, by Boston-based global Life Sciences investor Morningside Ventures, to close an £11m funding round for MedAnnex.
MedAnnex is a privately-owned company founded by UK biotech entrepreneur Professor Chris Wood. The company has developed novel antibodies to specifically modulate the innate and adaptive immune systems to treat autoimmune disorders and various other serious diseases. MedAnnex is undergoing rapid expansion in preparation for clinical trials and is working with internationally renowned experts at leading UK universities. In particular, MedAnnex is collaborating with teams at the University of Glasgow, under the directorship of Professor Carl Goodyear, at University College London, led by Professor David Isenberg and Professor Claudia Mauri and at Anglia Ruskin University, under the supervision of Professor Chris Parris.
MedAnnex CEO, Ian Abercrombie, said: "This funding represents a significant endorsement of our proprietary antibody technology and establishes MedAnnex as a leading UK biotechnology company. The Series B investment will accelerate the development of our ground-breaking therapies that may bring something new to patients and their families."
Kerry Sharp, Director of the Scottish Investment Bank, said: "Having supported MedAnnex from an early stage, through initial seed funding and SMART: SCOTLAND innovation support, it is great to see the business raising the funds required to implement its expansion plans. We are delighted to welcome Morningside Ventures as a new investor into the company and we look forward to continuing to work with MedAnnex to deliver its long-term growth ambitions."
Scott Johnstone, CEO of the Scottish Lifesciences Association, said: "This is great news and we are delighted to see one of the world’s leading investors, Morningside Ventures, once again, invest in a proven management team and an innovative and potentially disruptive technology. The Life Sciences community in Scotland continues to shine and we look forward to supporting the team at MedAnnex taking the business forward."
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