ICL Therapeutics has set its sights on a Series A funding round and an Initial Public Offering (IPO) following its most recent investment round.
The Motherwell-based biotech business claims to be on track to commercialise a suite of anti-viral medicines for the treatment of respiratory infections, including SARS-CoV-2.
ILC’s lead hybrid interferon drug, Alfacyte, is currently in development as an anti-viral medicine for the treatment of up-per respiratory tract viral infections, including the cause of Covid-19.
Alfacyte and other ILC hybrid interferons have the potential to become "game-changing" antiviral treatments in the fight against Covid-19, in addition to other infections, including respiratory syncytial virus (RSV), HIV and hepatitis.
Led by chief executive Dr Alan Walker, a former vice president of global commercial operations at ProStrakan - who has overseen several international mergers and acquisitions in the biotechnology sector - ILC previously raised £3.5m in 2021. An additional £2m round, led by existing investors, was subsequently completed in the fourth quarter of 2022.
Having opened new laboratory facilities at its BioCity headquarters last year, ILC is preparing its Alfacyte product for manufacture in Belgium this year, before moving towards clinical trial authorisation in 2024.
Walker said: “We have achieved significant mile-stones over the last 12 months, which have enabled us to move rapidly towards our next phase of growth.
“Coupled with VC and M&A activity elsewhere in the sector, we believe the timing is opportune to engage with the UK and international investor community around supporting our strategic plan and growth prospects through a Series A round that could be followed by a stock market flotation.”
ILC is also testing its second lead product, Dermacyte, for the treatment of atoptic dermatitis - the most common form of eczema and psoriasis in humans and canines - and is entering a research partnership with international veterinary group during the second quarter to develop its Caniferon product to treat atopic dermatitis in dogs.
ILC has appointed Dr Owain Millington as vice president and head of pre-clinical development, who has a long career in life sciences leadership teams.
He joins professor W.H. Stimson, chief scientific officer and founder of the department of immunology at the University of Strathclyde, and Dr Dawn Firmin, head of technical operations, in ILC’s research and development team.
ILC is chaired by Peter Bains, who brings over three decades of leadership experience in the biopharmaceutical industry, including senior strategic and operational roles, and a 20-year career with GSK.
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