News
Karus Therapeutics raises ?900,000 for drug development
London Business Angels is delighted to announce that Karus Therapeutics has successfully raised a ?900,000 investment from London Business Angels, Oxford Investment Opportunity Network, IP Venture Fund, Esperante and Drummond Paris. The investment will be used to advance the development of new drugs to treat cancer and inflammatory diseases such as rheumatoid arthritis and psoriasis and includes innovative medicines based on Karus's HDAC inhibitor (HDI) platform.
Commenting on the investment, Chris Padfield from London Business Angels said, "We are delighted that Karus Therapeutics has secured the investment necessary to further develop its best in class cancer and inflammation development programs. The company has taken a unique, risk managed approach to drug development which appealed to our member network."
?We are delighted to have secured this investment in the current economic climate? said Dr Simon Kerry, Chief Executive of Karus Therapeutics, ?we have made strong progress on a relatively modest investment to date and aim to use these new funds to create shareholder value through our development programs in cancer and inflammation?.
For more information contact -
Karus Therapeutics
Simon Kerry, CEO
s.kerry@karustherapeutics.com
www.karustherapeutics.com
London Business Angels
Chris Padfield, Investment Manager
chris@lbangels.co.uk
www.lbangels.co.uk
About London Business Angels
The London Business Angel network comprises an exclusive and experienced membership of 130 influential business leaders from the south of England, offering a total of ?50 million for investment. GLE Group is a leading provider of equity, loan, cashflow and asset finance. The GLE Group also delivers business development, international trade, property and consulting services. We create value through investment and by providing innovative and commercial approaches to economic growth successfully maximising the potential of people and businesses. GLE Group incorporates YFM Group, the most active equity investor in the UK. Together, we are a leading provider of equity finance with ?330m under management, investing from ?100,000 up to ?8 million in growing businesses throughout the UK.
January 8th, 2009