UK – Cumulus Oncology, an Edinburgh, Scotland, UK-based oncology biotech company, raised £9M in Seed funding.
The round was led by Eos Advisory and the Scottish National Investment Bank.The company intends to use the funds to execute growth plans, expand its portfolio, and accelerate the development of new cancer treatments from discovery towards clinical Proof of Concept. Led by Clare Wareing, Founder and Chief Executive Officer, Cumulus sources novel oncology assets from academic institutes, commercial drug discovery groups and biopharmaceutical companies. Its scientific and commercial team members identify novel targets for drug discovery programs which the company funds, supports and collaborates on. Following due diligence and market assessment activities, negotiations on deal terms and in-depth feasibility on the investment case, selected assets are spun out into newly created companies. An early focus on molecularly selected patient sub-groups, is a key aspect of the business model. The company incorporates the use of artificial intelligence (AI) and machine learning (ML) platforms into its decision making process to prioritise targets and assets. It contributes both early-stage capital and oncology drug development expertise and manages each spinout company to achieve key development milestones and value inflections. The companies created by Cumulus represent valuable investment opportunities for VCs that focus on the biotech sector. These VCs are important partners for it when the spinout companies reach key inflection points.The first company established by Cumulus, Nodus Oncology, is actively engaged in two innovative oncology drug discovery programmes in the area of DNA damage response (DDR). A second company, currently in stealth mode, is set to be unveiled in early 2024. Further projects are poised to read out on important data points, which will form the basis of at least a third new company creation in the next 12 months.08/01/2024
