Cumulus Oncology, a biotech creation studio and drug discovery accelerator specialising in oncology, has raised £9 million in seed financing led by existing investor Eos Advisory and with participation from the Scottish National Investment Bank. 

Cumulus’s business model involves the creation of spin-out companies. Its focus is on areas in biology with strong scientific validation, and the company is on the forefront of novel therapeutic options for cancer patients. 

Founded in 2017, the firm fast tracks treatments into clinical trials for cancer types that don’t respond well to existing procedures. 

The seed financing will be used to support the company’s growth, expand its portfolio, and accelerate the development of new treatments from discovery towards clinical proof of concept. 

Cumulus’s first venture, Nodus Oncology, actively engaged in two innovative oncology drug discovery programs in the DNA damage response (DDR) field. Another undisclosed company is set to be unveiled in early 2024, with additional projects in the pipeline.

“The business model enables only the strongest science to be translated from discovery into clinical trials,” said Clare Wareing, founder and CEO of Cumulus Oncology. 

“Our portfolio approach aims to enhance the ultimate success rate in cancer therapy development, which currently remains unacceptably low. It also provides an alternative approach to the de-risking of early-stage oncology investment.”

Eos Advisory, the leading investor of this round, is a hands-on, early-stage growth investor. Back in 2020, Eos led a £1.7m investment round for Cumulus, and once again in 2022 leading a £4.1m funding round.

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Speaking about its continued support of the Scottish company, Andrew McNeil, managing partner of Eos said: “The Cumulus approach is one that supports the development of a range of cancer treatments, this inherently reduces risk by not placing reliance on one therapeutic candidate.”

“We see this as a really exciting and novel business model, with a team who have the track record of having brought 17 new cancer drugs to market throughout their careers. Eos has been proud to support Cumulus since its inception.”

The Scottish National Investment Bank, an independent organisation that focuses on commercial returns and mission impacts through investments, will be participating for the first time.