Via Kristy Dorsey
After gaining international attention for their work investigating covid-19 therapies, Glasgow biotech ILC Therapeutics has received a “significant” undisclosed sum from its first global investor.
The Scottish company has been the first European recipient of funds from Medical Incubator Japan, collaborating with the University of St. Andrews on experimental therapies to hold coronavirus patients on ventilators. MIJ is an independent venture capital company focused on early-stage companies in the life sciences.
Professor Bill Stimson, the founder of the Department of Immunology at the University of Strathclyde, founded the ILC, which employs five people, in 2012. His work on the innate immune system, which is implicated in a variety of diseases ranging from asthma to Alzheimer’s disease to cancer, has also shown promise for 19 patients with late-stage Covid as a treatment choice.
Latest Covid-19 therapy tested by Scottish University
ILC CEO Alan Walker said, “This latest investment from MIJ demonstrates ILC Therapeutics’ growing recognition as a global leader in innate immune system modulation, and we are delighted to have them on board. We look forward to this next chapter in ILC Therapeutics’ development with great confidence.”
Other notable investors in the company include Scottish Investment Bank and EOS Advisory.