 Press Releases16th June 2003 Yorkshire Post Spin - out firm wins £3.5m cash in fight to cut cancer A University spin out Company that is promoting ground breaking cancer treatments has secured venture capital backing worth £3.5m. Photopharmica, the brainchild of biochemistry and molecular biology specialist Prof Stan Brown and Prof John Griffiths of Leeds University colour chemistry department, is working on research into photosensitisers which harness energy from light to kill unwanted to tissue or any other organisms. The technology, developed at the univeristy's centre for photobiology and photodynamic therapy is revolutionary because it does not damage healthy tissue or have any of the harmful side effects associated with chemotherapy and radiation therapies. Photopharmica chief executive John Lyon would not disclose the name of the firms backer, but said it was a British-based fund that specialises in technology-related investments. In return for £3.5m it has received a "reasonable" stake in the business alongside the management team, Yorkshire Cancer Research, the White Rose Technology Seedcorn Fund and the university. The money will fund "proof of principle" trials on cancer drugs and anti-infection, or "superbug", remedies. The tests established that the treatments are safe and effective for humans. Mr Lyon said "We're extremely pleased to have secured the funding, especially in the current harsh economic climate. Its quite difficult to raise this level of money. "We did it by building up a strong management team. The balance of skills between science and business was something the venture capital community liked in particular." "It also helped that we'd all been together for a year before we secured this finance." He added "Photopharmica is one of a few life science companies which has been funded to this level in the UK this year, and this is a testament to the strength of our products and strategy." The business was set up in August 2000, and initially backed by a £250,000 investment from the White Rose technology Seedcorn Fund, a venture capital fund owned by the Universities of Leeds, York and Sheffield. Aside from seeking venture capital finance, it has been courting pharmaceutical firms and hopes to sign a co-development deal with an as yet unnamed partner this week. Fewer than five people work for the business, but it is closely involved with the centre for Photobiology and photodynamic therapy. It is the largest centre of its type in Europe where 35 scientists and clinicians are carrying out extensive research into novel cancer cures backed by millions of pounds of funding from organisations and charities including Yorkshire Cancer Research. "These types of therapies have great potential for cancer treatments, but could also be effective in destroying organisms resistant to antibiotics, the so called 'superbugs'. "There are major opportunities in this field which Photopharmica is now well-placed to exploit." > menu |
