Medannex announces £11 million Series B investment

Medannex has closed a Series B investment of £11 million led by Boston-based global Life Sciences investor Morningside Ventures. £1 million of the investment comes from The Scottish Investment Bank (SIB), the investment arm of Scotland’s national economic development agency, Scottish Enterprise.

Medannex, a privately-owned company founded by UK biotech entrepreneur Professor Chris Wood, has developed novel antibodies to specifically modulate the innate and adaptive immune systems to treat cancers and autoimmune disorders.

Medannex is undergoing rapid expansion in preparation for clinical trials and is working with internationally renowned experts at leading UK universities. In particular, Medannex is collaborating with teams at University College London led by Professors David Isenberg and Claudia Mauri, at the University of Glasgow under the directorship of Professor Carl Goodyear and at Anglia Ruskin University under the supervision of Professor Chris Parris.

The company is delighted to welcome Isaac Cheng to the Medannex Board as a Morningside representative. Osborne Clark provided legal representation.

Medannex Chairman Christopher Wood said: “This is a significant advance for Medannex and recognition of the ground-breaking work that has been accomplished to date. The investment will allow the company to capitalise further on its position as a leading Scottish biotechnology company developing innovative approaches to treating major medical conditions”.

Kerry Sharp, Director of the Scottish Investment Bank, said: “Having supported Medannex from an early stage, through initial seed funding and SMART: SCOTLAND innovation support, it is great to see the business raising the funds required to implement its expansion plans. We are delighted to welcome Morningside Ventures as a new investor into the company and we look forward to continuing to work with Medannex to deliver its long-term growth ambitions.”

Scott Johnstone, CEO of the Scottish Lifesciences Association, said: “This is great news and we are delighted to see one of the world’s leading investors, Morningside Ventures, once again invest in a proven management team and an innovative and potentially disruptive technology. The Life Sciences community in Scotland continues to shine and we look forward to supporting the team at Medannex taking the business forward.”