Immune Targeting Systems (ITS) has received £3.5m from investors enabling a move to better premises and the recruitment of more key staff.
The London Technology Fund (LTF) is the only UK investor in the consortium which includes Novartis Venture Fund from Switzerland, Sweden’s HealthCap and France’s Truffle Capital.
However, the London Development Agency (LDA) will also be contributing a £500,000 grant through its research and development scheme.
The funding means that ITS will move into new facilities at the London BioScience Innovation Centre and has already brought in scientists to form the core of its research team.
The company’s prime goals are to produce vaccines for life-threatening diseases such as HIV and Hepatitis C.
Carlton Brown, chief executive officer of ITS, said: “We are delighted to have raised investment from such a strong syndicate of specialist investors including LTF.
“It will enable us to accelerate and further develop our technology to target these important diseases.
David McMeekin, chairman of the LTF, added: “We have been impressed with Carlton's perseverance in bringing this funding round to a successful conclusion and are pleased that ITS has now secured the support that it needs to continue the development of its important vaccine technology.”
© Crimson Business Ltd. 2007
