British technology commercialisation and investment group Imperial Innovations Group Plc (LON:IVO) said Monday it had invested GBP3m (USD4.7m/EUR3.8m) in its portfolio company, UK-based Cell Medica, and will hold 28% of it following the transaction.
Cell Medica is a clinical stage cell therapeutics company, which develops immune reconstitution cell therapies in Europe and is now set to start operations in the US. The company uses a technology that involves the selection, activation and expansion of immune cells, T-cells in particular, which help prevent numerous diseases.
The investment of Imperial Innovations is part of a GBP17m funding round, in which Invesco Perpetual and the Cancer Prevention and Research Institute of Texas (CPRIT) also participated. The funds will be used to finance the clinical development of Cell Medica’s novel Cytorex EBV therapy, which treats cancers related to the Epstein Barr Virus, in USA.
Simultaneously, Cell Medica also named Thomas Hecht chairman. Prior to this appointment, Hecht has been serving as chairman of various boards. Until 2002, he was vice president of marketing at Amgen Europe.
Innovations creates and invests in pioneering university technologies targeting healthcare, energy, engineering and environmental problems on a global level. In January last year, the firm raised GBP140m which helped it speed up its investments. Its portfolio comprises 78 companies, among them Nexeon, Circassia, PsiOxus, Veryan Medical, CellMedica and Plaxica.