Cancer therapy drug company gets $10m funding boost
● Adorx closes initial investment round from Epidarex and the CRT Pioneer Fund
A fledgling Edinburgh-based drugs company has secured a multi-million-pound funding injection to develop new cancer therapeutics.
Adorx Therapeutics, founded last year by healthcare investment specialist Epidarex Capital, has assembled a group of pharma industry veterans led by Pete Finan, former head of the Novartis Institutes of Biomedical Research UK site.
It has now closed an initial $10 million (about £7.6m) investment round financed by Epidarex Capital and CRT Pioneer Fund (CPF).
The company will focus on the discovery of new modulators of the adenosine pathway for the treatment of cancer.
Finan, chief executive of Adorx, said: “High levels of adenosine in the tumour enable cancer cells to evade the immune system.
“We have assembled a team that has discovered in excess of 25 clinical candidates to address this drug discovery challenge. We are pursuing fitfor-purpose adenosine receptor antagonists that are specifically designed to overcome a high adenosine environment.”
The firm’s team also includes Clive Mccarthy, who has worked for Enterprise Therapeutics, Evotec, Novartis and Rhone Poulenc Rorer, and Roy Pettipher, who has drug discovery experience at Orca, Atopix and Wellcome.
Liz Roper, partner at Epidarex Capital, said: “Adorx has made significant progress in the very short time since the company was created and we are very excited about its potential.
“There is an unmet need for cancer therapies that achieve a durable response. This financing enables Adorx to accelerate its programmes and generate fit-for-purpose therapies targeting the adenosine pathway.”
Epidarex Capital invests in early-stage, high-growth life science and health technology companies in “underventured markets”. It focuses on providing risk capital to young companies, including spin-outs from top research institutions in up-and-coming life science hubs.
The fund’s international management team has a track record of partnering with leading scientists and entrepreneurs to develop innovative products for the global healthcare market.
Ian Miscampbell of CPF said: “We can see that Adorx are taking a differentiated approach to tackling the adenosine pathway – an approach which could lead to real advancements in the fight against cancer.
“We are delighted to be a part of the next phase of Adorx’s development and look forward to working closely with the company.”
The CRT Pioneer Fund is managed by Uk-based Sixth Element Capital LLP.
The £70m fund is dedicated to investments in oncology development programmes in Europe. It was established to bridge the investment gap between cancer drug discovery and early clinical development. To date, it has made 11 oncology drug investments.