Glen Clova Scientific announces the first close of a seed financing round of up to £4 million to develop a pipeline of a new generation of Active Biologic drugs

  • Spin out from the University of Dundee based on 20 years of leading research 
  • First tranche of investment of £2.5 million with a second tranche of £1.5 million upon fulfilment of performance criteria 
  • Financing led by Norcliffe Capital together with DSW Ventures, TRICAPITAL Angels Limited and Scottish Enterprise 

DUNDEE, UK – April 23, 2024 – Glen Clova Scientific Ltd (‘GCS’, ‘the Company’), a UK-based biotechnology company, today announced the closing of a £4 million (approximately US$5 million) seed financing round, led by Norcliffe Capital together with investment from DSW Ventures, TRICAPITAL Angels and Scottish Enterprise. The investment will be made in two tranches of £2.5m and £1.5m.

Founded in 2022 as a spin out from the University of Dundee, Glen Clova Scientific is developing a new generation of active biologic drugs for chronic inflammatory and autoimmune disorders. The seed funding round enables the Company to advance the preclinical development of its three initial drug candidates – GCS001 for treatment of senile pruritus, GCS002 for atopic dermatitis and GCS003 for eczema and asthma. The Company has developed a novel VLP platform which underpins its product development pipeline and GCS’ technology  will be exploited in several non-pharmaceutical markets through partnerships. The current market for VLP products is projected to reach US$7.9 billion by 2028 with a CGAR of 7.9%1.

Glen Clova Scientific’s pre-clinical candidates are based on two decades of research in VLPs by co-founder Dr John Foerster and his team at the University of Dundee.  Dr. Foerster’s group has overcome many of the current limitations of VLP including structural fragility, costly manufacture and poor stability.

Steven Powell, co-founder of Glen Clova Scientific, commented“Our GCS VLP platform has the potential to produce a new generation of active biologic drugs offering both enhanced performance and a simpler, more cost-effective manufacturing process compared with existing biologic drugs. We believe that these drugs can have a significant impact on large patient populations with poorly met medical needs. We are delighted to have attracted support from a syndicate of high-quality, experienced investors to finance the development of our drug development pipeline and the continued expansion of our proprietary technology platform”.

Patricia Reynolds, CEO of Norcliffe Capital said: “Norcliffe Capital are delighted to be supporting Glen Clova Scientific in its mission to develop a new generation of biological drugs to treat poorly met medical needs in autoimmune and dermatological conditions. The immunisation technology developed by Dr John Foerster, using virus like particles (VLP’s), is a major innovation for an already successful technology. It will improve both the quality of the products and the cost of manufacturing, opening out applications outside Glen Clova’s core interests. Key factors in our investment decisions were the leadership provided by an experienced CEO, Dr Steven Powell, the support of our co-investors and the environment at the University of Dundee which has an outstanding track record in developing spinout companies”. 

Moray Martin, TRICAPITAL Angels CEO, said: “TRICAPITAL is delighted to be involved with the Glen Clova Scientific project in collaboration with our partners at Norcliffe, DSW and Dundee University.  We’re proud to support the pioneering work of Dr. John Foerster and his team which further confirms that Scotland is at the forefront of advancing innovative solutions in biotechnology and healthcare.”  

Doug Quinn, Partner at DSW Ventures, said: ”Inflammatory skin conditions affect millions worldwide but current treatments require regular injections and frequent monitoring and often have side effects. Glen Clova’s treatment would offer new hope for these patients and at less than 20% of the cost of comparable drugs. We look forward to working with the team to support the development of this exciting opportunity.” 

Source – The Insight Partners Virus-like Particles Market Analysis and Forecast 2028 (theinsightpartners.com)

more information, visit: www.tricapital.co.uk