Scottish Investment Bank has supported a funding round for Causeway Therapeutics, a spinout from University of Glasgow that is working on treatments for tendon injuries and disorders.
Causeway Therapeutics, a UK-based developer of therapies for tendinopathies, collected £1m ($1.3m) in funding yesterday from investors including Scottish Investment Bank, the investment arm of state-owned economic development agency Scottish Enterprise.
Biotech-focused investment firm Mediqventure also participated in the round.
Causeway Therapeutics is working on Tenomir, a treatment for tendinopathies in humans. Tendinopathies are tendon injuries and disorders that commonly account for 30% to 50% of sporting injuries, and affect about 1 in 10 people through repetitive strain or major trauma.
Causeway is also working on an analogous therapy for horses suffering from tendinopathy, estimated to affect between 10% and 30% of working and competitive horses.
The spinout is based on research by Derek Gilchrist and Neal Millar, who were working in the laboratory of Iain McInnes at the Institute of Infection, Immunity and Inflammation.
Declan Doogan, partner at Mediqventures and visiting professor at Glasgow’s School of Medicine, will join Causeway’s board as chairman.
Jon Cooper, vice-president, knowledge exchange and innovation at University of Glasgow, said: “We are thrilled that Causeway Therapeutics has completed its investment round and that the company is now in a position to drive forward the development of this highly innovative therapeutic approach.
“This is another example of the university’s ability to convert research-led innovation into economic impact for the benefit of Glasgow and the Scottish economy.”
Kerry Sharp, head of Scottish Investment Bank, said: “ Scottish Enterprise, through the Scottish Investment Bank, is delighted to be co-investing with Mediqventures to help the company fully commercialise its technology.
“We have supported Causeway Therapeutics through our High Growth Ventures Programme to help with company formation, research and now investment to help it grow to the next stage. We look forward to working alongside Causeway to help it achieve its potential, both in Scotland and internationally.”