Cancer Research Technology (CRT), charity Cancer Research UK’s subsidiary to commercialise academic research into oncology treatments, has set up a £50m ($80m) venture fund.

CRT and the European Investment Fund (EIF), a state-backed organisation that is the largest investor – called limited partner – in European venture capital funds, will equally split the commitments for the £50m fund, called CRT Pioneer fund.

The money will be committed in two tranches of £25m – now and in two years’ time – and managed by Sixth Element Capital, a new, independent general partner set up for the purpose and run by Robert James, Ian Miscampbell and Ralph Villiger. Law firm Reed Smith advised on the fund’s formation.

The CRT Pioneer fund will take potential cancer drugs from discovery through to entry to phase II clinical trials by licensing potential treatments to exisating pharmaceutical groups rather than creating separate companies that would…

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