St Andrews-based investment firm Eos Advisory has led a £1.7 million investment round to back Europe’s first oncology drug discovery accelerator, Cumulus Oncology.
Founded in 2017, Cumulus creates spin-out companies developing cancer therapies and fast-tracking treatments into clinical trials for cancer types that don’t respond well to existing procedures.
The investment round, which was supported by the Scottish Investment Bank, Alba Equity, Apollo and Investing Women, marks one of Eos’ largest deals to date.
This funding will enable Cumulus Oncology to continue scaling its business model and take advantage of what it described as “significant market opportunities in Europe”.
Clare Wareing, founder and CEO of Cumulus Oncology, commented: “While the business model is well developed in the US, Cumulus is leading the way in Europe. Having spent three years carefully curating a high-calibre team and building a portfolio of oncology asset-centric spin-out companies, we are poised to scale the business.
“Venture capital and trade investors see the value of the European biotech sector, which has matured markedly over the last few years evidenced by a threefold increase in venture financing, the doubling of European VC funds and increased investment from the US.”
Wareing has experience of working with big pharma, biotech companies and clinical research organisations over a 20-year career. The Edinburgh University PhD graduate previously founded Nexus Oncology, which was acquired by US-based Ockham in 2012.
Andrew McNeill, managing partner at Eos Advisory commented: “With a track record in scaling and exiting biopharmaceutical ventures, Clare is a founder who combines significant market understanding with a clear vision of what she wants Cumulus and its portfolio companies to achieve.
“Clare has assembled a world-class team and we are enthused by their keen focus, deep sector expertise and drive to consolidate Cumulus’s position as Europe’s first and most successful oncology drug discovery accelerator.”
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Eos Advisory invests and co-invests in science, engineering and technology companies, supporting them from seed round to Series A level via the Eos Syndicate and the Eos Innovation Fund. Companies on Eos’ portfolio include ClinSpec Dx, Novosound,Digital Sports Arena and ILC Therapeutics.
Kerry Sharp, Director, Scottish Investment Bank, said: “Cumulus Oncology is a hugely exciting venture which highlights yet again Scotland’s exceptional global reputation for life sciences innovation.
“The team has excellent previous experience in creating high-value enterprises and we look forward to working with them in this new venture.”