Pharmaceutical firm Canbex, a spin-out of University College London, has received a grant for £1.25m ($1.77m) from the TSB Biocatalyst Fund.

The injection of cash from the fund, a joint venture between the UK’s Medical Research Council and Technology Strategy Board to support British life sciences, will be used to support the ongoing development of treatments for spasticity in multiple sclerosis.

Jesse Schulman, chief executive of Canbex, said: “The goal of the Canbex programme is to set a new standard…

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