Angel investment drives forward North East Biotech firm
A Scottish biotech firm, developing treatments for Parkinson’s, stroke, Huntington’s and other diseases of ageing, has received a six-figure investment boost from a range of sources including business angel investors.
Antoxis, based at the University of Aberdeen, has received £300,000 from a consortium of investors led by the business angel syndicate Kapital Venture Equity LLP and including, Grampian BioPartners, TRI Capital Limited and the Scottish Enterprise Scottish Co-investment Fund.
The new investment will be focused on helping the company develop a series of commercial deals and further validate the technology platform and patents.
Antoxis was founded in 2006 as a spin out company to exploit a novel chemistry platform developed by the Rowett Research Institute and the University of Glasgow with support from the Scottish Enterprise Proof of Concept Programme and the Genomia fund. Primarily a drug development company, Antoxis is focused on developing patented compounds for use as therapeutics for diseases of ageing such as stroke, Parkinson’s and Huntington’s. Its work in these fields includes a number of associations with Scottish organisations as well as a partnership with the Buck Institute of Aging in California. The company is now based within Aberdeen University and is currently working on a compound which acts as a preservative for stem cells.
The Antoxis chairman is Nelson Gray who was also recently named as the European Business Angel of the Year. He said: “This latest round of investment is crucial in driving forward the great work that we have been doing to develop innovative means of helping treat crippling diseases such as Parkinson’s, Huntington’s and stroke. This additional capital will help the company to further develop its commercial focus, particularly on the stem cell applications.”
David Grahame, Executive Director of LINC, Scotland’s Business Angel Capital Investment Association said: “The success of Antoxis in securing a new round of investment shows that despite the current economic challenges, business angels are still supporting innovative and viable companies. This is an example of a dynamic company that has the potential for growth - it’s important for Scotland’s economic prospects that these firms have a lifeline for additional capital through the business angel network.”
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16 March 2009