Medical companies merge with £3.6m investment
The Mercia Fund has merged its portfolio company, University of Birmingham spin-out Hybrid Biosystems, with Myotec Therapeutics to form PsiOxus Therapeutics. The merger will be supported by a new funding round of £3.6m.
Funding will come from Imperial Innovations, Invesco Perpetual and the Birmingham-based Mercia Fund, a founding investor in Hybrid.
The merged business and new funds are to be used to develop a pipeline of therapeutic treatments for cancer and wasting diseases. It is set to focus on helping to advance two treatments, including one targeting cachexia, a wasting disease that is the direct cause of death in 20 to 40 percent of all cancer patients.
The Mercia Fund was the founding investor in Hybrid since its origins as a spin-out from the University of Birmingham. It invests in new enterprises across the West Midlands.
Hybrid directors Mark Payton from The Mercia Fund and Phil L’Huillier from Cancer Research Technologie) will join the newly formed PsiOxus board, together with Charles Swingland as an independent director.
Dr Mark Payton, fund principal of the Mercia Fund, said: "PsiOxus has the potential to transform the treatment of cancer and cancer cachexia. Hybrid represents a typical Mercia Fund investment, technology derived from world leading research with solid proof of principle established.
"This merger now takes Hybrid to the next level of realising its goal of demonstrating true patient benefit from its products that benefit from years of targeted development."
