Venomtech announce closure of angel investment and relocation to new lab space
Sandwich, UK, 11 September 2020: COVID-19 has reinforced the importance of the pharmaceutical and biotech sector, in the UK and across the globe. Venomtech Limited (Venomtech) a biotechnology company specialising in the application of venoms, from UK’s largest venom library, for drug discovery, cosmetics and pest control. Today they announce the success of a major investment deal from a group of investors led by Professor Walter Nimmo and Marek Gumienny along with some of our current shareholders.
This investment will allow expansion of the team and instrumentation at Venomtech in order to be able to reach more clients with improved venom arrays more efficiently. Improved instrumentation will also increase the contract research capacity. This will include building on our discoveries of venoms that inhibit binding of SARS CoV2 to the ACE2 receptor.
Concurrently Venomtech have moved into the iconic Building 500 with world leading pharmaceutical laboratory heritage at Discovery Park, and close to our key partners at Canterbury Christ Church University.
Steve Trim, Founder and Chief Scientific Officer, Venomtech, commented: “This is a fantastic opportunity to deliver the next phase of growth for Venomtech we have been working hard refining our understanding of venom components and their application as tools. Now we have the support and resources to put it into practice on a global scale. It is also great to move back into building 500 where I spent a great many years as a Pfizer scientist and it is a very inspiring location for Drug Discovery”
Professor Karol Sikora a leading British Oncologist and Chairman of the Venomtech Board said: “This financing allows us to rapidly develop a whole new realm of potent drugs from the venom of snakes, spiders and reptiles. Millions of years of evolution have resulted in a very potent and sophisticated pharmacology of venom based on defence and attack by a species. Understanding the novel molecular mechanisms will almost certainly yield powerful new drugs for cancer, immune regulation and even neuropsychiatric syndromes.
Venomtech has the biological knowledge of the animals and their husbandry, the mechanisms for safe venom collection without harm to the host or operator, the curation of the constituent molecules together with the pharmacological skills to produce cheap but precise assays for specific functional compounds in venom.
Novel deal structures based in part on sales and in part in staged royalties on drugs getting into development will rapidly expand the business in a global marketplace.”
Prof Walter Nimmo, commented: “We are delighted to have completed a significant investment in Venomtech led by Steve Trim and Chairman Prof Karol Sikora and to help take this company to the next stage of its development.
The search for biologicals to treat a variety of human conditions by using peptides and molecules derived from an extensive library of venoms is an exciting journey to join. We wish the team every success.”
For Venomtech Steven Trim Founder and Chief Scientific Officer, Venomtech Ltd E.mail: email@example.com
Venomtech is a pioneering biotech company that is helping to improve human health with the power of venoms. We hold the UKs largest venomous animal library and specialise in providing solutions to drug discovery, cosmetic and crop protection challenges, using venom-derived peptides and other molecules. Using our expertise in venomous animal husbandry and venom biochemistry, we have developed a wide range of Targeted – Venom Discovery Arrays™ and provide a full hit-to-lead / deconvolution service. Our approach has delivered hits, for our drug discovery clients, against many target classes including ion channels, orphan GPCRs and membrane transporters.
For more information visit www.venomtech.co.uk