Subjects: FNC, VEN
IsomAb Announces Close of £7.5 Million Financing to Accelerate Lead Candidate for Treatment of Peripheral Arterial Disease
Seed Financing was led by Broadview Ventures
NOTTINGHAM, England, Feb. 20, 2024 /CNW/ -- IsomAb Ltd, a UK-based biotechnology company, announced today the closing of a £7.5 million (approximately US$9.4 million) Seed financing round, led by Broadview Ventures, with further backing from existing investor, SCVC and participation from MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia Ventures and part of the Midlands Engine Investment Fund (MEIF).
Founded in 2022, IsomAb is developing isoform-specific disease modifying antibody treatments for serious and life-threatening diseases with an initial focus on peripheral ischaemia. The Seed funding round enables the company to advance the pre-clinical development of its lead antibody, ISM-001.
Jackie Turnbull, CEO of IsomAb, commented, "IsomAb's lead program targeting VEGF-A165b aims to treat peripheral arterial disease in the large proportion of patients with concomitant metabolic syndrome and Type II diabetes. We are delighted to have attracted a group of high-quality investors to support the early development of our novel program toward CTA filing to enter the clinic."
Benjamin Kreitman, Principal at Broadview Ventures, Inc. said, "Peripheral artery disease remains a significant unmet medical need worldwide, and the development of novel treatments to alleviate ischemia could improve clinical care for millions of patients. As Broadview's investment strategy is focused on the improvement of human health in the areas of cardiovascular disease and stroke, we are delighted to accelerate this highly innovative approach to treat peripheral artery disease."
SCVC Managing Partner, Harry Destecroix said, "We have been an investor in IsomAb since its incorporation and we are delighted to now be working with Broadview Ventures to take this technology to the clinic. There is enormous impact potential for patients aligning to a key area of SCVC's mission: the advancement of Human Health."
Hannah Tapsell Chapman of Mercia Ventures added: "IsomAb offers a fresh approach to the treatment of vascular disease. Although the initial focus will be on treating diabetics, research shows high levels of VEGF-A165b are also linked to increased risk of heart attack and stroke in non-diabetics, so it could have much wider applications. The funding will enable the team to progress the development of the lead compound ISM-001 towards human clinical trials."
The Midlands Engine Investment Fund is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
About IsomAb Ltd
IsomAb Ltd, founded in 2022, is a UK-based biopharmaceutical company and is a spin-out from the University of Nottingham; early research was conducted at the University of Bristol and funding has been received from the British Heard Foundation, Wellcome Trust and the Medical Research Council. www.isomab.bio.
About Broadview Ventures
Broadview Ventures is a mission-driven investment organization that makes targeted investments in early-stage companies to accelerate the development of innovative therapeutics, devices, and diagnostics for cardiovascular disease and stroke. Broadview is funded by the Leducq Charitable Trust. broadviewventures.org.
About SCVC
SCVC is a leading UK emerging manager, focused on early-stage deep tech start-ups spinning out of the UK's world-leading academic institutions. www.scvc.com
About Mercia Ventures
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. www.mercia.co.uk/ventures
SOURCE IsomAb
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