The BioTech behind a drug to combat COVID-19 has raised a pre-IPO funding round of 拢3.5 million.
Glasgow-based ILC Therapeutics, which in May strengthened听颈迟蝉听board and听management, has added another three names to the board to advance its lead novel hybrid interferon drug candidate听Alfacyte.听
The startup听is a pioneer in the discovery and development of a new class of interferon drugs which听‘interfere鈥� with viral reproduction and are one of the body鈥檚 key defences against all viral pathogens.听听
In some cases 鈥� including SARS, MERS and COVID 鈥� viruses can evade the interferon response by delaying the innate immune response. 听
A therapeutic like听Alfacyte听can offer enhanced interference to COVID-19 replication in the body and activate the body鈥檚 own Natural Killer (NK) cells to fight virus infection. It can also reduce 鈥榦ff target鈥� effects and reduce production of cytokine storm mediators which often cause the most severe cases of COVID.听
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In vitro testing at the University of St Andrews demonstrated that听Alfacyte听had many times greater antiviral activity against SARS-CoV-2 cell culture,听the virus which causes COVID-19,听than听any other available interferons.听
ILC Therapeutics is preparing听Alfacyte听for听human clinical trials.听
Investors include Los Angeles-based lawyer and investor, Robert Kopple, St Andrews-based Eos Angel Investment Syndicate, Scottish Enterprise and ILCT management.
鈥淲e are very pleased to complete this important funding round and to strengthen the board with the appointment of Robert Kopple, Professor David Harrison and Chris Brinsmead,” said chairman Peter Bains.
The company鈥檚 CEO, Dr Alan Walker, said: 鈥淲e are living through the most rapidly evolving viral environment the world has seen. Catalysed by the global COVID crisis, governments and markets alike are recognising the critical need for effective and safe antiviral medicines, both to meet the immediate challenges of today and the inevitable new threats of tomorrow.
“ILC Therapeutics’ Hybrid interferon platform technology is well positioned to address these needs and Alfacyte, our lead candidate, has the potential to become an important antiviral treatment in the ongoing global fight against COVID-19, and future pandemic threats.鈥欌��