Dundee spin-out raises £4m to advance VLPs

Seed fund

Glen Clova Scientific has closed a £4 million (approximately $5 million) seed financing round, led by Norcliffe Capital together with investment from DSW Ventures, TRICAPITAL Angels and Scottish Enterprise.

Glen Clova Scientific was founded in 2022 as a spin out from the University of Dundee to develop a new generation of active biologic drugs for chronic inflammatory and autoimmune disorders.

The seed funding round will enable the company to advance the preclinical development of its three initial drug candidates – GCS001 for treatment of senile pruritus, GCS002 for atopic dermatitis and GCS003 for eczema and asthma.

Glen Clova Scientific’s pre-clinical candidates are based on two decades of research in virus-like particles (VLPs) by co-founder Dr John Foerster and his team at the University of Dundee.

Steven Powell, Co-founder of Glen Clova Scientific, commented: “We believe that these drugs can have a significant impact on large patient populations with poorly met medical needs. We are delighted to have attracted support from a syndicate of high-quality, experienced investors to finance the development of our drug development pipeline and the continued expansion of our proprietary technology platform.”

Patricia Reynolds, CEO of Norcliffe Capital, added: “The immunisation technology developed by Dr John Foerster, using virus like particles (VLPs), is a major innovation for an already successful technology. It will improve both the quality of the products and the cost of manufacturing, opening out applications outside Glen Clova’s core interests. Key factors in our investment decisions were the leadership provided by an experienced CEO, Dr Steven Powell, the support of our co-investors and the environment at the University of Dundee which has an outstanding track record in developing spinout companies.”

Diana Spencer, Senior Digital Content Editor, DDW

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