Scottish biotech Cumulus Oncology has secured a £4.1 million ($5.6 million) investment led by St Andrews-based firm Eos Advisory.

Scottish Enterprise invested alongside Eos Advisory as Cumulus plans further scale, while an additional £1.5 million ($2 million) will follow in the coming months.

Edinburgh-based Cumulus Oncology was founded in 2017 to identify novel oncology assets to de-risk and add value to, before creating spin-out companies to commercialise novel cancer therapies. After founding Nodus Oncology in April 2020 to conduct research into DNA damage response (DDR), Cumulus formed Modulus Oncology in September 2020 alongside the University of Sheffield.

Speaking about the investment, CEO and co-founder of Cumulus Oncology, Clare Wareing, said: “With the support of our cornerstone investors, we will accelerate our business model to identify and develop new oncology treatments that target the unmet medical needs of specific cancer patient populations.”

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Cumulus is also announcing that Dr Russell Greig will be joining the board as Chairman. Greig, a GlobalScot, spent much of his career working on both the drug development and investment sides of the business at GlaxoSmithKline, where he held a number of positions including President, International Pharmaceuticals, and Senior Vice President, Worldwide Business Development.

More recently, he has held board roles for a series of biotechs and has advised life science VCs and biotechnology companies in the US, Europe, and Asia via his Philadelphia-based Greig Biotechnology Global Consulting business.

“Cumulus has established a unique position in Europe, and is set to make an impact further afield in other regions including North America, said  Dr Russell Greig, Chairman, Cumulus Oncology

He added: “I look forward to helping to guide Clare and her expert team around strategic focus over the months and years ahead.”

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