York, United Kingdom, 13 April 2010
Pro-Cure Therapeutics Limited (Pro-Cure), a York based drug discovery and development company, recently received further funding of over £700,000 as a follow on to the major investment package it secured in late 2008. Pro-Cure is focused on developing drugs targeted against cancer stem cells with an initial focus on prostate cancer. The largest investors in the current funding round were Yorkshire Cancer Research (YCR) and the Yorkshire & Humber Equity Fund, managed by YFM Venture Finance Limited.
Subsequent to this financing, the Board has been strengthened with the appointments of David Livesley and Dr David Milroy as directors. David Livesley who represents YFM Venture Finance Limited which led the last round said, “I have been very impressed by the obvious expertise of the company in this emerging therapeutic area as well as the strength of the management team with their clear focus on value creation and I am delighted to be joining their Board at this exciting time in the company’s development”. David Milroy is a fund manager with Maven Capital Partners and represents White Rose Technology Seedcorn Fund, one of the company’s founder shareholders who also participated in the current funding round.
Dr Alastair Riddell, Pro-Cure’s Chairman, commenting on the new appointments, said “I am delighted to welcome these two highly respected fund managers, each with significant hands-on experience in the Life Sciences sector, as directors to the Board. As we build the company and seek further funds to progress our product development plans, their advice and support will be invaluable.”
The company plans to take its lead candidate, a monoclonal antibody, into the clinic to treat prostate cancer by the end of 2012, with two other candidates following closely behind. The therapeutic areas may expand into other cancers as supporting evidence develops.