Eos Backs Europe's First Oncology Drug Discovery Accelerator
- Cumulus Oncology manages spin-out companies created specifically to develop novel anti-cancer treatments
EDINBURGH, Scotland, July 13, 2020 /PRNewswire/ -- St Andrews-based investment firm Eos Advisory has backed Europe's first oncology drug discovery accelerator, Cumulus Oncology, leading a £1.7 million investment round supported by the Scottish Investment Bank, the investment arm of Scottish Enterprise, Alba Equity, Apollo and Investing Women. Founded in 2017, Cumulus creates spin-out companies developing anti-cancer therapies and fast-tracking treatments into clinical trials for cancer types that don't respond well to existing procedures. The Eos-led round, which marks one of the investment firm's largest deals to date, enables Cumulus to continue to scale its business model at pace and take advantage of what the company describes as "significant market opportunities in Europe".
Andrew McNeill, Managing Partner, Eos Advisory said: "With a track record in scaling and exiting biopharmaceutical ventures, Clare is a founder who combines significant market understanding with a clear vision of what she wants Cumulus and its portfolio companies to achieve. Clare has assembled a world-class team and we are enthused by their keen focus, deep sector expertise and drive to consolidate Cumulus's position as Europe's first and most successful oncology drug discovery accelerator."
Cumulus Oncology Founder and CEO Clare Wareing says: "While the business model is well developed in the US, Cumulus is leading the way in Europe. Having spent three years carefully curating a high-calibre team and building a portfolio of oncology asset-centric spin-out companies, we are poised to scale the business. Venture capital and trade investors see the value of the European biotech sector, which has matured markedly over the last few years evidenced by a threefold increase in venture financing, the doubling of European VC funds and increased investment from the US. We have some exciting portfolio and partnership announcements in the pipeline and we look forward to our next phase of growth with the support of the Eos Advisory team."
Clare Wareing, a University of Edinburgh PhD graduate, has experience of working with big Pharma players, biotech companies and clinical research organisations (CROs) over a 20-year career and previously founded Nexus Oncology which was acquired by US-based Ockham in 2012. Wareing had scaled Nexus into a 120-headcount business with revenue close to £10 million and post-acquisition was appointed as Ockham's Chief Scientific Officer. Ockham was subsequently acquired by Chiltern in 2014. Alan Wise, Cumulus's Chair, was the CEO of Scottish biotech IOmet Pharma which was acquired by US pharmaceutical group MSD (known as Merck & Co in the United States and Canada) in 2016, while fellow Cumulus co-founder Phill Cowley was Head of Chemistry at IOmet Pharma.
Eos Advisory invests and co-invests in innovative science, engineering and technology companies and supports them from seed round to series A level via the Eos Syndicate and the Eos Innovation Fund. Led by Managing Partner Andrew McNeill, Eos Advisory's team of partners and fund managers includes Chairman Kevin Grainger, Principal Fund Manager Valerie Jolliffe and record-breaking athlete and broadcaster, Mark Beaumont. Eos Advisory's other portfolio companies are 3F Bio, ClinSpec Dx, Xelect, Novosound, Digital Sports Arena, ILC Therapeutics, Kamua, Chromacity, Rooser, GM Flow and NTH (SILVERbac).
For more information: www.cumulusoncology.com
Nick Freer, +44 (0)7841 571 871, [email protected]