Led by CEO Dr. Alan Walker — a former Vice President of Global Commercial Operations at ProStrakan who has overseen multiple international biotech mergers and acquisitions — ILC Therapeutics raised a £3.5 million investment round in 2021, with participation from Eos, Scottish Enterprise, and investor Robert Kopple.

Most recently, the Scots biotech firm completed an additional £2 million funding round led by existing investors in Q4 2022.

Having opened new laboratory facilities at its BioCity headquarters near Glasgow, ILC is preparing its lead hybrid interferon drug, Alfacyte, for manufacture in Belgium this year before moving towards Clinical Trial Authorisation (CTA) in 2024.

Alfacyte is currently in development as an antiviral medicine for the treatment of upper respiratory tract viral infections (RVIs), including SARS-CoV-2, which causes COVID-19.

Alfacyte — and other ILC hybrid interferons — have the potential to become innovative antiviral treatments in the ongoing fight against COVID-19, as well as for different infections including respiratory syncytial virus (RSV), HIV, and hepatitis.

Further, ILC is testing its second lead product, Dermacyte, for the treatment of atoptic dermatitis — the most common form of eczema and psoriasis in human skin and canines. It’s also entering a R&D partnership with an international veterinary group during Q2 to develop its Caniferon product to help treat atopic dermatitis in dogs.

ILC is expected to embark on a Series A investment round over the next twelve months, with a view to a possible post-investment round IPO.

“We have achieved significant milestones over the last twelve months, which have enabled us to move rapidly towards our next phase of growth,” said Dr. Alan Walker.

“Coupled with VC and M&A activity elsewhere in the sector, we believe the timing is opportune to engage with the UK and international investor community around supporting our strategic plan and growth prospects through a Series A round that could be followed by a stock market flotation.”

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The Scots biotech firm has also appointed Dr. Owain Millington as Vice President and Head of Preclinical Development. With a long career in life sciences leadership teams, Dr. Millington joins Professor W.H. Stimson, ILC’s Chief Scientific Officer and founder of the Department of Immunology at the University of Strathclyde, and Dr. Dawn Firmin, ILC’s Head of Technical Operations.

ILC is chaired by Peter Bains, who brings over three decades of leadership experience in the biopharmaceutical industry including senior strategic and operational roles, and a 20-year career with GSK.