Biopharma raises £670k to develop stroke therapies

Aurum Biosciences has raised approximately £670,000 as part of a new round of equity funding to help it advance stroke therapies and diagnostics.

This funding round was supported by Infinion Biopharma, the Scottish Investment Bank, Scottish Health Innovations Ltd (SHIL), Tricapital business angel syndicate and individual investors.

Aurum is a clinical stage biopharmaceutical company developing oxygen carriers and software for use with MRI. Aurum works closely with the University of Glasgow and NHS Greater Glasgow and Clyde to develop products which it hopes will bring lifesaving benefits in the areas of stroke, cardiology, oncology and neuro degenerative diseases.

These funds, which will further extend the work already funded by the Wellcome Trust, will be dedicated to the company’s core strategy of developing therapies and diagnostics in stroke, using its lead product ABL 101. Aurum aim to deliver a phase 2 clinical trial in stroke patients in Glasgow’s Queen Elizabeth University Hospital.

Jim McGuire, Aurum’s CEO said: “We are delighted to complete this second round with our initial investment partners and bringing in a new investment partner, Infinion. This funding will allow us to extend our work beyond the successfully completed pre-clinical trials where Aurum’s lead product has demonstrated great potential in both stroke treatment and diagnosis. We are especially pleased that Infinion have joined the investment and look forward to them helping to drive Aurum forward with their global expertise in the biopharma sector. There has been few new therapies or diagnostics approved for acute ischaemic stroke in recent years. Our products provide hope for the many patients, carers and healthcare professionals who live with the consequences of this devastating condition.”

Govind Chavada, managing director of Infinion added: “Worldwide, cerebrovascular accidents are the second leading cause of death and the third leading cause of disability. Infinion remains committed to bring novel therapies to the market and to that end the symbiosis of Infinion and Aurum is the step in the right direction. AurumAurum’s lead candidate ABL 101 has great potential to change the therapeutic landscape of ischaemic stroke and other disorders where hypoxic tissue damage is the primary driver of disease pathology.”