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ILC Therapeutics, has successfully closed a £3.5 million (US$4.9 million) pre-initial public offering (IPO) funding round.
UK-based biotechnology company, ILC Therapeutics, has successfully closed a £3.5 million (US$4.9 million) pre-initial public offering (IPO) funding round, it was announced in a Sept. 6, 2021 press release.
The funds raised will be used to accelerate the development of the company’s lead hybrid interferon, Alfacyte, which has been designed to combat viral infections, including COVID. Additionally, the company has strengthened its board with three new appointments.
“We are very pleased to complete this important funding round and to strengthen the [b]oard with the appointment of Robert Kopple, Professor David Harrison, and Chris Brinsmead,” said Peter Bains, chairman of ILC Therapeutics, in the press release. “With this funding in place, ILC Therapeutics is now well positioned to strengthen its novel technology platform and to advance its lead candidate, Alfacyte, through [investigational new drug] enabling studies in preparation for clinical trials as an anti-viral therapeutic for COVID-19.’’
“We are living through the most rapidly evolving viral environment the world has seen. Catalyzed by the global COVID crisis, governments and markets alike are recognizing the critical need for effective and safe antiviral medicines, both to meet the immediate challenges of today and the inevitable new threats of tomorrow. ILC Therapeutics Hybrid interferon platform technology is well positioned to address these needs, and Alfacyte, our lead candidate, has the potential to become an important antiviral treatment in the ongoing global fight against Covid-19, and future pandemic threats,” said Alan Walker, CEO, ILC Therapeutics, in the press release.
Source: ILC Therapeutics