University spin-out Awen Oncology has secured a substantial equity investment from the Development Bank of Wales and co-investors Start Codon, to further develop a breakthrough range of anti-cancer drugs that target a variety of cancer types. This brings the total funds raised by Awen Oncology to over £1 million.
Originally founded with a Cancer Research UK grant and based at Wales’ first dedicated science park, M-SParc in Gaerwen, Awen Oncology is a spin-out of Bangor University and Cardiff University. The therapeutics start-up was set-up by co-founders Doctor Ramsay McFarlane, Doctor Jane Wakeman and Professor Andrea Brancale, a world leader in computational medicinal chemistry. The company also has support from clinical teams across the UK.
The Development Bank has made a six-figure equity investment alongside a further six-figure investment from Start Codon, a specialist life science venture builder. Start Codon will also support Awen Oncology through its innovative ‘START’ Programme, designed to nurture early-stage companies and increase their chances of success. Awen Oncology also has financial backing from Cancer Research UK, Innovate UK and the Welsh Government SMART capital programme. Additionally, the company has been selected for further development through Innovate UK Business Growth, a scale-up programme for pioneering businesses that drive economic development.
The innovative platform developed by Awen Oncology addresses a significant unmet need in oncology, by homing in on previously untargeted human developmental genes that, while dormant in healthy tissues, behave unexpectedly during the onset and progression of cancer.
Co-founder and CEO of Awen Oncology, Doctor McFarlane, said: “Our technology opens up a new space in oncology drug discovery, to treat a range of malignancies, including rare cancers that currently have no effective treatment options. We are confident that the combined backing of the Development Bank and Start Codon, alongside the universities and M-Sparc, means that we now have the support to fast-track our innovative science into a successful global commercial venture that could help treat cancers.”
Dan Rooke, Co-Founder and Chief Operating Officer at Start Codon said: “Awen Oncology is a really exciting company, with a game-changing technology that we believe has the power to unlock new cancer treatments and drastically improve patient outcomes. We are delighted to invest alongside our friends at the Development Bank of Wales – a first for Start Codon – and are looking forward to helping the Awen team to develop their technology and grow the company into a leader in the cancer therapeutics space.”
Tom Davies is an Assistant Investment Executive with the Development Bank of Wales. He said: “With world-leading academic expertise in the biology of oncogenic developmental factors, Awen Oncology is pioneering new oncology drugs that could potentially treat several different forms of cancer and help progress the development of the biopharmaceutical industry in Wales. The specialist support of Start Codon as co-investors, alongside our funds, means that the company is well-placed to progress the research and development of its drugs and attract further funding from industry-leading investors.”
This equity investment in Awen Oncology came from the £500 million Wales Flexible Investment Fund. Financed by the Welsh Government and Development Bank of Wales, loans, mezzanine finance, and equity investments are available for businesses based in Wales from £25,000 to £10 million.
