Aurum Biosciences, the Scottish biopharmaceutical company, has raised nearly £730,000 in the first tranche of a new funding round aimed at further developing its therapeutic and diagnostic technology.

The funding round, which is to be split across two tranches, has been supported by new and existing investors.

These include co-founder Dr Celestine Santosh, InnoScot Health, Scottish Enterprise, TRICAPITAL business angel syndicate, and a number of private investors.

A spinout of InnoScot Health, NHS Greater Glasgow and Clyde, and the University of Glasgow, Aurum is developing a novel drug for therapeutics and multiple diagnostics, in areas of unmet clinical need such as stroke, spinal cord injury, and inflammatory imaging.

The drug is a novel oxygen carrier, but is also being developed as a “19F” contrast agent for imaging with MRI.

The new funding will be used to advance the company’s “ABL-101” platform technology ahead of further planned investment and growth in 2024.

ABL-101 has the potential to offer advancements in the management of acute stroke patients, especially acute ischemic strokes (AIS) – a leading global cause of disability and death.

It also has the potential to reduce ischemic damage in acute spinal cord injury, improve treatment options in radiotherapy resistant tumours, and reduce secondary organ damage in cardiac arrest, among other uses.

Dr Santosh – a clinical consultant neuroradiologist with a special interest in strokes working at the Queen Elizabeth University Hospital in Glasgow, and now chief medical officer and chief scientific officer of Aurum – has made a significant personal investment.

He said: “I am immensely proud that Aurum Biosciences’ leading technology continues to develop so positively. I believe that my own participation in this round amply demonstrates my huge belief in its vast benefits and wide applications.

“My clinical background and knowledge of the great team in place at Aurum tells me all I need to know – that this is a company which offers unique know-how and has world-leading capabilities that will only go from strength to strength and will help to put Scotland on the map.

“It is a real homegrown success story that continues to take on a life of its own. I am in no doubt that an even brighter future awaits.”

David Brennan, CEO of Aurum, also commented: “We are delighted to complete this fresh round with our investment partners – a significant step up on the previous round.

“We believe that is testament to the vast potential of and significant clinical need for ABL-101 particularly in stroke treatment and diagnosis, and as we increasingly now set our sights on its applications for acute spinal cord injury trials following very positive scientific advice from MHRA.

“Advancing management of strokes remains our primary goal and commitment, with one in six people globally having a stroke in their lifetime, 5.8 million dying each year as a result, and disability increasing by 1% for every nine minutes of stroke.

“However, we are certain that spinal cord injury will also become an increasing focus as we further develop pipeline indications, providing hope for the many patients, carers, and healthcare professionals who live with the consequences of such devastating conditions.”

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Last year, DIGIT reported on the news that Aurum had been recognised by the United Kingdom’s Innovative Licensing and Access Pathway (ILAP) for ABL-101 and awarded an Innovation Passport.

The Innovation Passport acts as a gateway to the accelerative pathway, streamlining innovative products to market, and helping to improve patient access to new and effective treatments.

The ILAP was awarded by the Medicines and Healthcare products Regulatory Agency (MHRA), National Institute for Health and Care Excellence (NICE), and the Scottish Medicines Consortium (SMC).

To qualify for the pathway, new medicines must offer significant benefits to patients with a life-threatening or seriously debilitating condition or meet a significant patient or public health need.