Sir Brian Souter backs cancer drug firm

Stagecoach tycoon Sir Brian Souter has backed a £1.8 million fundraising by a Bordersbased gene therapy specialist.

The cash injection for Selkirk-headquartered Ryboquin also brought in funding from new investor Brian Kennedy and existing shareholders including the Scottish Investment Bank (SIB) – the investment arm of Scottish Enterprise – and Borders business angel network Tri Cap.

The move has seen Kennedy join the board of Ryboquin, which was founded in 2013 and focuses on commercialising patented intellectual property in the area of delivering gene therapy, primarily in the field of human cancer medicine.

Ryboquin is in partnership with Nanogenics to promote the targeted nucleic acid delivery system Liptide.

“I am delighted to be part of Ryboquin and to be working with the team that could make great progress in the treatment of cancer and other diseases,” said Kennedy.

The firm said it would use the fresh funding for corporate expansion and to boost its scientific development.

Executive chairman Paul Murray said: “The support from existing shareholders and the investment by Brian Kennedy and Sir Brian Souter, two esteemed leaders and hugely successful businessmen, is testimony to the potential of Ryboquin and to the work we are undertaking in the field of cancer gene therapy drug development.”

SIB manages a suite of coinvestment funds including the Scottish Co-investment Fund and the Scottish Venture Fund. 0 Souter is the co-founder of Perth-based Stagecoach