A major cancer therapy trial is set to go ahead after Scotland’s only female angel investment syndicate raised more than £1.1 million for the project.
Investing Women, whose founder and chief executive is Fife entrepreneur Jackie Waring, led the fundraising for Midlothian-based TC BioPharm (TCB) with support from the Scottish Investment Bank and WH Partnership.
The total £1.18m raised included a grant of almost £500,000 from Scottish Enterprise’s SMART:SCOTLAND programme which will be used to directly fund TCB’s cancer therapy trial.
The firm’s lead product, ImmuniCell, uses patients’ own cells grown in culture to target a wide variety of cancers.
In addition to treating cancer, TCB believes ImmuniCell has potential to help target major viral infections such as severe influenza, HIV and ebola.
The product is manufactured at TCB’s multi-million-pound approved cleanroom facility outside Glasgow. TCB chief executive Dr Michael Leek said he was delighted with the new investment.
“Since commencing operations 16 months ago, TCB has raised over £3.3 million in seed equity and grants,” Dr Leek said.
“These funds, and the fantastic support from those who contributed, have allowed us to realise our goal treating cancer patients.”
The £680,000 equity raised by Investing Women represented the Edinburgh-based syndicate’s first major investment.
Chief executive Jackie Waring said she had been hugely impressed by TCB’s vision and capabilities.
“Investing Women is thrilled to lead this investment in TCB which allows the first treatment of cancer patients using ImmuniCell therapy,” she said.
“It has been an exciting journey and this is just the start.
“The team at TCB are at the top of their game and we have absolute confidence in their ability to deliver amazing results as well as their utter dedication to saving lives.”
Mrs Waring, a multi-award-winning businesswoman, set up Investing Women in order to increase opportunities for female investors in Scotland and to widen access to angel investment for entrepreneurs.