Scotland’s first and so far only women-only group of business angels has made its first investment.
Investing Women, which was founded by chief executive Jackie Waring to encourage more women around Scotland to either help or become entrepreneurs, is behind more than half of a £1.18million funding package announced by Scottish biotechnology company TC BioPharm (TCB) today.
TCB will use the cash to support its work developing treatments for various types of cancer, with second and third stage clinical studies due to get under way in Aberdeen, Glasgow, Edinburgh and Southampton in September.
Investing Women’s £680,000 investment is backed by the Scottish Investment Bank and the WH Partnership, a Gateshead-based design, engineering and construction company.
Midlothian-based TCB has also been awarded a grant worth about £500,000 from Scottish Enterprise’s Smart:Scotland programme to directly fund its cancer therapy trial.
As well as treating skin, lung and kidney cancers, it is hoped TCB’s lead product – ImmuniCell – will be used to fight viral infections such as severe influenza, HIV and Ebola.
TCB chief executive Michael Leek said: “Since commencing operations 16 months ago, TCB has raised over £3.3million in seed equity and grants. These funds, and the fantastic support from those who contributed, has allowed us to realise our goal – treating cancer patients.”
Ms Waring, who has more than 25 years’ experience of working with the private sector, government and directly with women to help boost levels of female entrepreneurship and growth-oriented businesses, said: “Investing Women is thrilled to lead this investment in TCB.
“It has been an exciting journey and this is just the start. The team at TCB are at the top of their game, and we have absolute confidence in their ability to deliver amazing results as well as their utter dedication to saving lives.”
ImmuniCell is manufactured by TCB at a multi-million pound facility just outside Glasgow, where the company has established what it hopes will become a key centre for immuno-cell therapy benefiting cancer patients throughout Europe.