Pharmaceutical start-up Karus Therapeutics has secured £4.7m in investment from a variety of investors as part of a second round of funding, backer SETsquared announced today.
The firm, which was founded at the University of Southampton in 2005, will use the funding to advance the development of their proprietary cancer and arthritis medicines through early clinical trials. The financing was led by SV Life Sciences, New Leaf Ventures, Novo A/S and International Biotechnology Trust, with additional funds from existing backers IP Group and other angel investors.
The firm is backed by SETsquared Partnership, an enterprise support programme funded by the Universities of Bath, Bristol, Exeter, Southampton and Surrey. Karus recently participated in the programme’s Investment Showcase event, which allowed the firm to raise awareness of its intellectual property to potential investors and raise the profile of the company.
CEO of Karus Simon Kerry commented: "From initial set-up through to the management of our ongoing relationship with the University, the SETsquared programme, including the technical expertise, facilities and network of business advisors, was a key part of our early development."
Partnership Director at SETsquared, Graham Harrison, added: “Karus is an excellent example of a company that has benefited from SETsquared’s Investment Showcase, and the opportunities it creates for early stage businesses."