We share relevant third party stories on our website. This release was written and issued by BiVictriX.
St Asaph-based BiVictriX Therapeutics has announced the completion of a £1m funding round from existing shareholders including the Development Bank of Wales, Acceleris Private Investors and BioCity Investments alongside the Future Fund.
The Future fund is a government convertible loan initiative set up to invest in the UK’s SMEs with over £588m invested to date. The Future Fund investment has helped to de-risk the investment made by existing investors so that BiVictriX can continue on its development pathway without delay.
Tiffany Thorn, CEO of BiVictriX Therapeutics, said: “The Future Fund is a welcome initiative for us and I would like to extend a heartfelt thank you to our current investors who continue to believe in and support the business”.
BiVictriX is a biotechnology company, with two principal locations at The OpTic Centre in St Asaph and the Bio Hub in Alderley Park, that is reinventing the approach to cancer therapy to reduce side effects and increase potency. Its innovative Bi-Cygni® therapeutics aim to revolutionise the treatment of Acute Myeloid Leukaemia (“AML”) and other aggressive, hard-to-treat cancers.
Bi-Cygni® therapeutics comprise of a bispecific targeting vector, linked to a highly toxic chemotherapy drug, and are designed to selectively target the cancer cells with immaculate precision. Through utilising a novel dual binding approach, Bi-Cygni® therapeutics are engineered to selectively recognise cancer-specific antigen fingerprints, which are absent from healthy cells. Precision binding to the cancer cells results in internalisation of the molecule and release of the highly potent, cytotoxic payload; effectively killing the cancer cells, whilst leaving healthy cells unharmed. Avoiding targeting of healthy cells enables a significant reduction in the usual toxicity from cancer therapy and will allow for greater potency of treatment, thereby enabling the development of a revolutionary new class of cancer drugs with superior efficacy and safety. The Bi-Cygni® platform combined with the company’s know-how provides a diverse range of opportunities for the company to apply the approach to a number of innovative drug delivery systems, such as ADCs and CAR-T, and across a diverse range of aggressive cancers.
The funding will allow the company to progress its lead asset, BVX001, following highly encouraging animal data.
The lead asset, BVX001, aims to provide a game-changing new therapy for AML, a highly aggressive form of blood cancer which is notoriously difficult to detect and treat. AML accounts for 90% of all cases of adult acute leukaemia. If the cancer is not identified in time, the disease can rapidly spread, killing the patient in just days to weeks. Current treatment options remain limited due to high toxicities and lack of specific targeting. On average only five out of 100 patients diagnosed with AML, aged 65 or over, will expect to live for five years or more, representing one of the lowest survival rates across all cancers. There is an urgent need to develop more effective and safer therapies, such as BVX001, to drastically improve survival for patients with this devastating disease.
BiVictriX commenced operations in 2017 and counts Development Bank of Wales, Alderley Park Ventures, BioCity Investments and High Net Worth individuals amongst its shareholder base. The company has been advised by Acceleris Capital from inception.
Michael Bakewell who led the equity investment for the Development Bank of Wales said:
“Our continued equity investment in BiVictriX reflects our commitment to back ambitious technology businesses located here in Wales. This latest round with The Future Fund alongside existing shareholders means they can now continue with their much needed work in advancing the treatment of leukaemia.”
Patrick Molyneux, Corporate Finance Director at Acceleris Capital said: “We are delighted to introduce further capital to BiVictriX, from our network of investors and existing shareholders. This deal is a perfect example of our strategy to focus on game-changing technologies addressing a high-unmet need in health & wellbeing. Cancer Therapy needs to reduce toxicity and increase potency and we believe Tiffany and the team at BiVictriX are working well to progress the lead asset and the exciting Bi-Cygni Platform.”