Touchstone Innovations plc (AIM: IVO, ‘the Group’, ‘Innovations’) has participated in a £60.0m funding round in Cell Medica Limited (“Cell Medica” or “the Company”) committing £13.7 million to the round alongside co-investors Invesco Asset Management and Woodford Investment Management.
Cell Medica is a cellular therapeutics company engaged in the development, manufacturing and marketing of cellular immunotherapy products for the treatment of cancer. Cellular immunotherapy is a novel form of medical treatment which has the potential to transform the treatment of cancer in the years ahead. Cell Medica is developing a range of cell-based immunotherapy products using three proprietary technology platforms including activated cytotoxic T cells, chimeric antigen receptors (CARs) and engineered T cell receptors (TCRs).
The Company's lead oncology product (CMD-003) is an investigational therapy in which the patient's T cells are activated to kill malignant cells expressing EBV antigens. The product is being investigated in the international open label Phase II CITADEL clinical trial for patients with extranodal natural killer T cell lymphoma (ENKTCL), a type of non-Hodgkin lymphoma. Cell Medica has also opened the Phase II CIVIC clinical trial to explore the potential benefits of CMD-003 for patients with EBV-positive diffuse large cell lymphoma (DLBCL), Hodgkin lymphoma, and post -transplant lymphoproliferative disease (PTLD).
As at 31 July 2016, the Group had a 25.5% interest in the issued share capital of Cell Medica with such interest having a net fair value of £28.5 million. Following this new investment Innovations will hold a 24.5% stake in the issued share capital of the Company.
Russ Cummings, CEO of Touchstone Innovations, said:
“The use of human T cell subset as therapeutics has the potential to revolutionise the way cancer is treated and we are delighted to be supporting Cell Medica in this round.
“Over the last six months or so Cell Medica has significantly broadened its product portfolio through striking new partnerships with Baylor College of Medicine and UCL, and through the acquisition of Delenex Therapeutics. The business now has a pipeline addressing both liquid and solid cancers and this new funding will put it in a great position to drive forward these development programmes.”