Cambridge Innovation Capital invests in Carrick Therapeutics' $95 million funding round
3 October 2016
Cambridge Innovation Capital plc ("CIC"), a Cambridge-based investor in technology and healthcare companies, announces that it has invested in Carrick Therapeutics Ltd ("Carrick"), a European oncology company, as part of a $95 million funding round backed by some of the most eminent providers of early-stage capital.
Carrick has a clear vision for cancer patients: to target the molecular pathways that drive the most aggressive and resistant forms of cancer in order to have a major impact on the lives of patients. Carrick is building an innovative portfolio of first-in-class treatments that are advanced through understanding the mechanisms that cause cancer and resistance and are tailored to an individual patient's tumour.
One of Carrick's founding scientific programmes is derived from work undertaken at the Gurdon Institute in Cambridge. This was licensed by Cambridge Enterprise, the commercialisation arm of the University of Cambridge, and Carrick received seed funding. The founding academics of Storm Therapeutics, in which CIC invested earlier this year, are also based at the Gurdon Institute.
The $95 million funding round was led by US-based ARCH Venture Partners and Woodford Investment Management with participation from Cambridge Enterprise, Evotec AG, GV (Google Ventures) and Lightstone Ventures, alongside CIC. This funding is one of the largest early stage investments in a European university spin-out.
With a highly experienced management team led by CEO, Dr Elaine Sullivan, a former Vice President for Research and Development at both Eli Lilly and AstraZeneca, Carrick intends to drive its portfolio of ground-breaking cancer therapies from laboratory to clinic.
Commenting on the announcement, Robert Tansley, Investment Director, Healthcare at Cambridge innovation Capital, said: "Carrick Therapeutics combines a world class management team with a strong and broad based approach to tackling the development of new cancer therapies. This is another CIC investment forged through our strong links with Cambridge Enterprise and the University of Cambridge and we look forward to working with the Carrick team as its development assets expand and progress.
"The establishment of Carrick, backed by such a high-quality syndicate of investors, underlines yet again the quality of science emanating from the Cambridge cluster."
Elaine Sullivan, CEO of Carrick Therapeutics, said: "This is an exciting new venture in cancer treatment, backed by some of the biggest investors in the field. Our aim is to build Europe's leading oncology company. There is a significant unmet need in cancer treatment, and targeting aggressive and resistant disease is an area where we can make a real difference to patients' lives."
For more information, please contact
Cambridge Innovation Capital
Robert Tansley, Investment Director, Healthcare
Louise Rich, Head of Investor Relations and Communications
+44 (0)1223 765475
Consilium Strategic Communications (City, financial PR)
+44 (0)20 3709 5700
Holdsworth Associates (local and trade PR)
+44 (0)1954 202789 [email protected]
About Cambridge Innovation Capital: Cambridge Innovation Capital ("CIC") invests in intellectual property rich companies in the Cambridge Cluster, combining a unique relationship with the University of Cambridge with deep financial and industry links to the area. The company strives to build leading businesses using a patient investment strategy. For further information, including details of CIC portfolio companies, see www.cicplc.co.uk
About Carrick Therapeutics: Carrick Therapeutics is pioneering a portfolio of unique, first-in-class cancer treatments that target driver mechanisms of the most aggressive forms of cancer, and which will be tailored to an individual patient's tumour. Carrick means 'rock' in Irish, the name having been chosen to emphasise the strong foundation of like-minded scientists, collaborators and investors, and the vision to build a durable world-class company. Carrick has an ambitious patient-focussed vision to serve cancer patients around the world by the introduction of ground-breaking cancer therapies that will transform the way cancer is treated.
About the Gurdon Institute: The Gurdon Institute was founded in 1989, to promote research in the areas of developmental biology and cancer, and to foster a collaborative environment for independent research groups with diverse but complementary interests. The institute is named in recognition of the achievements of Professor Sir John Gurdon, one of the founder members who was awarded the Nobel Prize in Physiology or Medicine in 2012, and who continues to conduct his research in the Institute. The Gurdon Institute has an outstanding track record in transforming discoveries in fundamental science into new clinical targets and therapies.
The institute is an integrated part of the University of Cambridge, and is sponsored by the Wellcome Trust and Cancer Research UK.
This information is provided by RNS