Drugs firm ICL raising £3.5m ahead of possible IPO –
Summary
Clinical trials are under way ILC Therapeutics, a Glasgow-based drugs development company, is raising £3.5m from wealthy investors and family trusts ahead of a possible IPO next year. In the meantime, it has strengthened its board and management with Peter Bains joining as non-executive chairman, Richard Morgan as a non-executive director and Allan Watson as chief financial officer. Mr Morgan has played an active role in the development of more than 35 life science companies assisting a number of these with listings on the London Stock Exchange. Mr Bains said: “Alfacyte has the potential to treat a wide range of viral and infectious diseases and offers us a significant tool for future pandemics.” Dr Alan Walker, CEO of ILC Therapeutics, stated: “We are very pleased to announce this funding round and expansion of the team to further develop our world class scientific and commercial team with industry veterans who have started and grown multiple life sciences companies such as Peter and Richard. Having a potent therapeutic interferon such as Alfacyte that can suppress viral respiratory diseases before it progresses in the body can also play a central role in future pandemics and potentially give us the upper hand when a virus first emerges.” The company was founded by Professor WH Stimson, who was the founder of the Department of Immunology at The University of Strathclyde.