Spin-out nets seven-figure sum to develop drugs

spin-out from the University of Dundee which is developing drugs to treat chronic inflammatory and autoimmune disorders that it says are more effective and much more cost-efficient than existing offerings has closed a seven-figure funding round.

Glen Clova Scientific (GCS), founded in 2022, has locked in the £4 million seed financa ing round led by impact investor Norcliffe Capital together with capital from Melrosebased syndicate Tricapital Angels, Scottish Enterprise, and DSW Ventures that is focused on UK regional startups. The investment will be made in two tranches, of £2.5m and £1.5m.

The biotech firm explains that the funding round enables it to advance the preclinical development of its three initial drug candidates, treating conditions such as eczema and asthma, adding that it has developed a novel virus-like particle (VLP) platform underpinning its product development pipeline, and cites research calculating that the current market for VLP products will reach $7.9 billion (£6.4bn) by 2028.

GCS, which also expects its technology to be used in several non-pharmaceutical markets through partnerships, says its pre-clinical candidates are based on two decades of research in VLPS by co-founder Dr John Foerster and his team at the University of Dundee.

Steven Powell, co-founder of GCS, said: “Our VLP platform has the potential to produce a new generation of active biologic drugs, offering both enhanced performance and a simpler, more cost-effective manufacturing process compared with existing biologic drugs. we believe that they can have a significant impact on large patient populations with poorly met medical needs.”