05/17/2021 | Press release | Distributed by Public on 05/18/2021 09:50
LUNAC Therapeutics - a Leeds-based drug discovery company which is developing advanced life-saving anticoagulants - has raised £4.75m.
The funding has come from NPIF - Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, the government's Future Fund, and existing investors including Caribou Property and Epidarex Capital. It will be used to advance pre-clinical and manufacturing development programmes and prepare for clinical studies.
Dr Mervyn Turner, the company's chair, commented: 'LUNAC has demonstrated exceptional progress working closely with our world-leading academic founders and partners. This new funding, alongside follow-on investment from our existing investor, demonstrates the clear medical need and value of our programme. LUNAC is in an excellent position to move our programme forward into preclinical development and prepare for the first clinical studies. We thank Caribou and Epidarex for their ongoing support and welcome Mercia as a new investor.'
Mark Wyatt, Investment Director with Mercia, added: 'LUNAC is a great example of the world-leading academic research base that exists within the Yorkshire region that is attracting significant specialist investment. We are pleased to be able to support the business alongside others at this time, and are excited to see its novel therapeutic programme continue to make progress.'
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.