Cancer specialist backs first spin-out deal
Scottish cancer drug discovery accelerator Cumulus Oncology has created its first university spin-out company.
Under the deal, the chair - man and chief executive at Edinburgh-based Cumulus are taking senior roles in the leadership team of Modulus Oncology, which is a University of Sheffield spin-out biotech company focused on hard-totreat cancers.
The announcement comes just weeks after St Andrewsbased investment firmEos
Advisory led a £1.7 million investment round in Cumulus, which creates and manages spin-out companies developing novel anti-cancer treatments.
Clare Ware ing, the cofounder and chief executive at Cumulus–Europe’ s first oncology drug discovery accelerator – has taken up the post as chief business officer at Modulus, with chairman Alan Wise becoming CEO.
Ware ing, who previously founded and scaled Nexus Oncology in Edinburgh before its acquisition by US -based Ockham Development, said:
“The Modulus team plans to fast-track its lead asset into clinical development within two years with a focus on hardto-treat cancers whilst building a scale able UK biotech company.”
Wise headed up Scottish biotech IometPhar ma, which was acquired by US pharmaceutical group Merck Sharp & Dohme. Next month, Cumulus is set to announce a high-profile advisory board and plans to grow its base in Edinburgh.
Wareing said: “We have great ambitions to be one of the next big success stories on the Scottish biotech scene.”