Biosceptre has received over £8M into its’ series A raise which will be used to resource the next stage of the companies’ development; progression into the clinic of Biosceptre’s first systemic products against novel oncology target nfP2X7.
Biosceptre will close the series A on the 21st December, 2017.
The major portion of the raise received to date was led by Tuspark Science and Technology Service Group, the venture arm of Tsinghua University, Beijing, and was made through through its investment vehicle, Bluesky Partnership II L.P.
Biosceptre CEO Gavin Currie said “After a period of extensive preclinical work to establish the validity of the novel oncology target nfP2X7 for systemic therapies, the Biosceptre board is very pleased to see the company achieve this significant milestone. The work we have done to date on exploitation of nfP2X7 as a therapeutic target has shown incredible promise, and we are now very eager to generate in-human formal clinical trial results that bear out that promise.”
“We welcome Tuspark as they become a strategic shareholder, and look forward to working closely with them. We also thank other participants in this round for their support.”
At the boards’ direction, Biosceptre will apply the funding to progression of the companies’ highest priority clinical assets into Phase I and II trials in Australia. A Phase I trial of the peptide vaccine BIL06v is scheduled to start at three sites in Sydney Australia in 2018. Ethics approval has also been granted for a Phase I clinical trial for Biosceptre’s lead antibody BIL03s, however the company is currently reviewing improvements to this lead. In addition to these plans, a number of Investigator Initiated Trials at research centres are also in planning. Biosceptre anticipates announcing clinical milestones and results over the next 18 months, which would, if favourable, facilitate an IPO or trade sale as early as 2019.
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