Domainex raising £1.5m
Cambridge drug discovery company Domainex is raising £1.5 million to accelerate research by Big Pharma players in the epigenetics arena.
Domainex, which is making great strides in the fields of cancer and inflammatory diseases, had a successful first close in December. A second close is anticipated at the end of April.
Longbow Capital, which is leading the fundraising, Bury Fitzwilliam-Lay and Partners and University College London Business (UCLB) invested pre-Christmas and together represent the interests of more than half of Domainex’s current shareholders. Longbow is leading the push for the remaining funds.
Domainex CEO, Eddy Littler said major pharmaceutical companies were already engaging with the Science Park technology business.
He said: “Over the last year Domainex’s programmes targeting TBK1/IKKe have made great strides, showing utility in cancer and also potential in many inflammatory diseases.
“We are now approaching the selection of a clinical candidate and some of the investment will be used to ensure we move this programme forward to an out-licensing deal with a pharma partner.
“The majority of the investment will be used to progress our epigenetics portfolio targeting lysine methyltransferases. With the increased strength of the service business and the additional investment, Domainex’s resources should be sufficient to deliver a number of exciting clinical drug candidates that larger pharmaceutical companies are interested in.”
Edward Beckett, managing partner at Longbow, was full of praise for the Domainex’ potential influence in the sector.
He said: “We are very pleased with the progress Domainex has made on its drug development pipeline and on its service business. The further investment will help to develop a range of drug compounds that can address some of the most acute diseases.
“This has already generated interest from many leading pharmaceutical companies and is expected to drive growth in Domainex’s value for its shareholders.”
The investment will be specifically used to advance Domainex’s kinase based drug development programmes against TBK1/IKKe and epigenetics targets.
Keith Powell chairman of Domainex said: “It is exciting to see Domainex moving the internal drug development programmes forward to create value while at the same time building and strengthening its effective and impressive drug discovery technology partnering business.
“Recently Domainex has obtained new contracts to support UK universities in translational research and has a number of future opportunities to expand its capabilities further during 2013.”
• PHOTOGRAPH SHOWS: Domainex CEO, Eddy Littler