Co-founder hails new biopharma startup
LONDON’S less-regulated Alternative Investment Market has had more than its fair share of corporate scandals, but rarely one as surprising as what’s befallen Patisserie Holdings.
Known for its Patisserie Valerie cake shops, the British company part-owned by entrepreneur Luke Johnson has BIOPHARMA firm Sitryx has launched with $30m (€26m) Series A funding.
Co-founded by Luke O’Neill, chairman of biochemistry at Trinity College, the company is focused on regulating cell metabolism in order to develop disease-modifying therapeutics.
The company, founded with seed funding from SV Health investors, raised the finance from a syndicate of specialist international healthcare investors co-led by SV Health Investors and Sofinnova Partners.
The syndicate also included Longwood Fund, which funds science-based companies, and GSK.
Mr O’Neill said that he was delighted that his sabbatical in GSK has resulted in the formation of the new company in what he described as “a tremendously exciting area”.
Along with Mr O’Neill, the other co-founders are world-leading researchers in the field of immunology and metabolism.
Together they have published more than 1,000 papers in the field, making multiple key breakthroughs in the understanding of how critical energetic status is to the behaviour of immune cells and in the broader field of immunology.
Meanwhile, Zynga – the firm that created FarmVille and Words With Friends – has attracted takeover interest from other game developers amid a jump in deal-making in the industry, people familiar with the matter said.
The Great British Baking Scandal: Patisserie Valerie in shock fraud warning
Additional reporting Bloomberg
suspended its CFO after uncovering “significant, and potentially fraudulent, accounting irregularities”. It may have exaggerated its cash position. It’s probable its £446m market cap will go soggy when trading resumes.Bloomberg