The company has licensed the platform of University College London spinout Nanogenics to develop a cancer treatment.
UK-based cancer drug developer Ryboquin has secured £1.8m ($2.3m) in funding from investors including Scottish Investment Bank, the investment arm of Scottish government-owned economic development agency Scottish Enterprise, Insider reported yesterday.
The round was supported by angel group TRI Capital and private investors Brian Souter, co-founder and chairman of public transport company Stagecoach, and Brian Kennedy, who will join Ryboquin’s board of directors.
Founded in 2013, Ryboquin is working on a gene therapy to treat cancer. The company has licensed LipTide, a drug development platform created by University College London spinout Nanogenics.
The company hopes to use the money to drive both an organic expansion and consider acquisitions.
Ryboquin previously obtained £1.3m in May 2016 in a mix of equity and an R&D grant provided by Scottish Enterprise’s Smart Fund.
