Imperial Innovations and Kurma BioFund I conclude £0.93m seed investment in Indigix Ltd
News Dec 01, 2010
Indigix is developing a novel platform technology that enables it to engineer synthetic molecules for modifying defined immunological responses in a variety of major medical diseases. Potential applications for Indigix’s technology include the treatment of diarrhoeal diseases, inflammatory bowel disease and wound healing.
Imperial Innovations and Kurma BioFund have each committed 50% of the new equity financing totalling £0.85m which follows on from a convertible loan from Innovations to the company earlier in 2010. The funding round will be used to support the manufacture of a lead candidate followed by further pre-clinical testing. The investment will also be used to create a management team and expand the company’s operational capabilities
Indigix was launched to commercialise research by Professor Sunil Shaunak MD PhD, who is based at Imperial College London’s Hammersmith Hospital campus. His work was identified as a potentially valuable and commercialisable asset during a review of Imperial College London’s research into infectious diseases, conducted by Innovations Entrepreneur in Residence Dr. Robert Feldman MD PhD earlier in 2010. Now Executive Director at Pacific Channel Ltd (New Zealand), Dr Feldman remains a consultant to Indigix. Professor Shaunak previously co-founded PolyTherics, another Innovations portfolio company in 2001.
Louis Nisbet, Venture Partner of Kurma Life Sciences Partners, joins the board of Indigix with immediate effect alongside Simon Kerr, Director Healthcare Ventures at Innovations who led the funding round.
“Indigix has an excellent platform technology which could have many medical applications. This coupled with Professor Shaunak’s established track record for inventing and successfully developing medical technologies for the market makes this company an excellent investment proposition. It showcases our strategy of commercialising leading science,” said Susan Searle, Chief Executive Officer of Imperial Innovations
“Once we had decided to invest we were impressed by the speed and efficiency of the Imperial Team in negotiating and completing the necessary agreements. We are excited to be working alongside Imperial Innovations to translate medical innovation into valuable new therapies. It is a key component of our strategy at Kurma BioFund,” said Alain Maiore, Managing Partner of Kurma Life Sciences Partners SA.