Cancer treatment business secures £150,000 from £100m funding pot
University of Bradford spinout Incanthera has won backing from the Race to Scale initiative as it looks to run clinical trials for new ‘smart bomb’ cancer drug
Manchester-based Incanthera, a cancer treatment company, has been awarded £150,000 in equity finance through the Race to Scale initiative – a £100m funding drive seeking to plug the UK’s estimated £1bn small business funding gap.
Incanthera secured the funding after pitching to 400 high net worth and private investors at Crowdfinders’ crowdfunding event on 21 April at the Royal Institution.
Founded in 2010 as a spin-out from the University of Bradford’s Institute of Cancer Therapeutics, Incanthera develops treatments and technologies that target solid tumours, commercialising the product through licensing deals with major pharmaceutical companies.
The company oversees drug programmes through to early human clinical trials to obtain safety and efficiency data. The funding will support a clinical trial for a newly developed drug called a ‘smart bomb’.
Focusing on Birmingham, Bristol, Cardiff, Edinburgh, Leeds, London and Manchester, Race to Scale enables businesses to submit proposals for a £100,000 to £5m share of the £100m funding pot, which is sourced though IW Capital.
Simon Ward, CEO of Incanthera said: “We are thrilled and very grateful to receive the support and investment given through the Race to Scale project. It is often very difficult for investors other than Institutions and traditional Venture Capital to support small, drug discovery and development companies and Race to Scale allows for this opportunity.”
Luke Davis, chairman & co-founder of Crowdfinders and CEO of IW Capital, added:
“Race to Scale got off to a fantastic start at our latest Crowdfinders event, and I am thrilled with the reception that Incanthera’s pitch received. The company is doing incredible things for the world of oncology and our investor audience was very perceptive to the immense potential that Incanthera has.”