Glasgow based pharmaceutical company ‘Alfacyte’ announced has announed that it has raised £350K in equity and grant funding to advance development of an oral vacine for the treatment of peanut allergy.
Having recently celebrated their first anniversary, the ‘EOS Technology Investment Syndicate’ marked the occasion with this milestone investment, which is supported by £120K from the Scottish Investment Bank’s Scottish Co-investment Fund. The company also received £100K from SE’s SMART:Scotland grant programme to directly fund development and production of the proprietary molecule that will form the basis of the vaccine.
Prof. Bill Stimson, the company’s Chief Scientific Officer, said “Peanut allergy affects up to 2% of the Western population and is the most common cause of fatal food-induced anaphylaxis. These funds are the first step towards changing the livest of those who suffer from this life-limiting condition.”
Kevin Grainger, Founder and Gatekeeper of EOS, said “Our investors were excited by the significant potential of the underlying science which Alfacyte intends to exploit, initially in the treatment of peanut allergy. We are delighted to be able to provide the SEED funding to start them along this journey.”
Kerry Sharp, Head of SIB, commented “Alfacyte is a great example of an innovative Scottish company. Our equity investment and grant funding will help the company to realise its global ambitions. We look forward to seeing it develop and grow.”