Belfast-based drug development company CV6 Therapeutics said it will invest almost £8 million (€9.3 million) in clinical trials and further development work on its first anti-cancer drug.
The funding was raised from a mixture of investors, including £3 million from Invest NI and the remainder from firms including Qubis, Techstart and Clarendon.
“Raising funding for research like this is challenging. We are grateful for the continued support of Invest NI and our investors,” said Dr Robert Ladner, chief executive of CV6.
The drug, CV6-168, is set to enter early stage clinical trials, an important milestone for the company. It will also lead to four new cancer research jobs at CV6, expanding the current six-strong workforce.
“CV6-168 has the potential to be a widely impactful oncology product, significantly improving outcomes for patients in multiple cancer types,” said Dr Ladner.
“Pre-clinical studies show that CV6-168 works alongside standard cancer therapies to activate a unique mechanism of action that induces cancer cell DNA damage and cell death while simultaneously activating the immune system to further enhance its anticancer effect.”
The Phase 1a trial will focus on safety, and measure how the drug is absorbed by the body to help identify optimal dosing levels and gather initial indications of anti-cancer efficacy.
CV6 Therapeutics relocated to Northern Ireland from the US in 2015.
