LMB spin-out raises £21million in equity
24 February 2009
A drug discovery company founded by scientists from the Medical Research Council Laboratory of Molecular Biology (LMB) has successfully raised £21million in equity finance from three venture capital firms. Heptares Therapeutics Ltd, was established in 2007 with seed funding from MVM Life Sciences Partners LLP. This week three venture capital firms, led by Claus Ventures, contributed equally to the £21million investment. The other two partners are the Novartis Option Fund and MVM Life Sciences Partners LLP.
MRC Chief Executive, Sir Leszek Borysiewicz said:
‘‘The £21million in equity finance raised by Heptares Therapeutics Ltd shows that there is still venture capital available to support the excellent scientific ideas that are emerging from UK laboratories. Heptares’ drug design and development strategy is based on discoveries made by researchers working at the MRC Laboratory of Molecular Biology in Cambridge. UK life scientists are continuing to develop ideas that translate into successful business ventures. Heptares is evidence of this, and is a reminder that investment in science is investment in a stronger future economy.’’
Heptares core business is to design and develop new drugs to tackle diseases in a variety of therapeutic areas such as central nervous system disorders. Their focus is on structural and biophysical studies of a family of proteins present in the cell membrane called G-protein coupled receptors (GPCRs). In 2008 Heptares’ StaR™ technology technique was used to elucidate the three-dimensional atomic resolution structure of the beta-1 adrenergic receptor, the site of action of beta blockers.
Heptares’ CEO, Dr Malcolm Weir, said:
“We are very pleased to have completed this significant fundraising in the current economic environment. We are delighted to have attracted such a truly international group of blue-chip investors and see this as a real endorsement of the quality and commercial potential of our StaR™ technology. We now have a very good opportunity to implement our strategy for generating new drug candidates to highly validated but previously challenging GPCRs.”
Dr Michael Steinmetz, Managing Partner at Clarus Ventures, said:
“Heptares has made impressive progress in developing its unique StaR™ technology since its inception in 2007. We are excited to participate in this funding round with MVM and Novartis Option Fund, and are committed to supporting the experienced management team in fulfilling the potential of Heptares’ innovative approach.”
Pioneering research and expertise in GPCRs enabled Richard Henderson, Chris Tate and others at the MRC Laboratory of Molecular Biology in Cambridge and at the National Institute for Medical Research (NIMR) in London to found Heptares Therapeutics Ltd along with co-founders Fiona Marshall (CSO) and Malcolm Weir (CEO). LMB is home to scientists who have made some of the most commercially viable discoveries in recent times including the humanisation of antibodies, a technique now widely used to generate effective therapies. LMB is world-renowned as a home to innovative scientists and to date seven Nobel Prizes have been awarded to LMB’s researchers.
Press contact: 020 7637 6011
press.office@headoffice.mrc.ac.uk
