The company’s chief executive, Leon Bushara, believes the company is not ready to float, and says he wants to improve the management team before it makes any move towards a listing.
The VC money will be used to continue the development of its three most important treatment lines, without having to go into partnership with a large drugs company.
If successful, the new strategy will make the company far more valuable, however, meanwhile, costs of expensive trials will have to be met in-house.
Astex has around 100 employees and already has collaborations underway with companies such as Astra Zeneca and Novartis.
Early stage trials which aim to provide the company's scientists with a better understanding of the biological effect of proteins and cancer are underway in this country and in the US.
Investors who are thought to be likely to put up the money include Abingworth, Apax, Advent, and Novartis.
© Crimson Business Ltd 2006
