Magnus Life Science Raises £15.5M to Advance Ground-breaking Bio-medical Research
News Oct 07, 2014
• Therapies targeting fetal conditions, heart disease and cancer originating from University College London
• Operational and R&D teams based at UCL
• Key programmes further supported by €11.5m European Commission FP7 grants
Magnus Life Science, a new life sciences company based on ground-breaking clinical and academic research, some of which originated from University College London (UCL), today announces it has raised £15.5 million in seed funding to advance its therapeutic programmes. The financing has been provided by a private equity investor with an established track record of investment in high growth sectors.
As part of an industrial collaboration, Magnus Life Science’s operational and R&D teams are based at UCL, one of the world’s leading universities. Its Chief Scientist is Professor John Martin, Chair of Cardiovascular Medicine at UCL and Adjunct Professor of Medicine at Yale. The Company’s five development programmes are led by renowned experts many of whom are also practising clinicians.
The Company’s portfolio brings real innovation to areas of high unmet medical need and is based around a central understanding of blood flow. Its programmes include a new bio-degradable, bio-magnetic stent; a treatment for fetal growth restriction; and a treatment to prevent reperfusion injury and the development of chronic heart failure. Beyond the £15.5m committed seed-funding, two of its programmes are further supported with European Commission Framework 7 (FP7) grants totalling €11.5 million.
Chief Executive Officer Dr David Campbell said: “We are extremely excited to share details of what we believe will be a unique model for European Biotechnology. At Magnus we combine world class science with the management, people and capital needed to make real progress. Our industrial collaboration with UCL allows our team to work in an environment at the heart of university innovation. In securing this significant seed financing alongside grant funding, and through our close relationship with UCL, we can take three projects to clinical proof-of-concept, advance our earlier stage programmes and build the foundations for further progress.”
Magnus Life Science’s model is unique. Each programme has been established as a separate company with founding scientists as shareholders. Magnus Life Science provides the overall strategic direction, management and a central project development capability across the individual project companies. The Company’s strategy is to drive early clinical development of projects to critical value inflection points and then seek further investment or partnerships with biopharmaceutical companies for later stage development.
Professor John Martin, Chief Scientist and Founder of Magnus Life Science, said: “Magnus embedded within UCL combines the creativity of the University, the research potential of the NHS and novel funding in a powerful mix with the potential to solve the problems of human disease rapidly.”
Professor David Lomas, Dean of the Faculty of Medical Sciences at UCL, said: “The relationship with Magnus Life Science is a truly innovative way of turning scientific discovery into inventive new medical products. A unique partnership, the collaboration is based on a deep respect between the academics, clinicians and Company with a shared aim of bringing new treatments to patients.”