Morvus Completes £2.15m Fundraising
Morvus Technology Ltd is a South Wales based company engaged in the development of pharmaceuticals for use in treating cancer. The company was formed in 2004 and formed close links with Cardiff University and Fusion IP in 2007 following the sale of two Cardiff University spin-out ventures (Cardiff Biologicals and Cardiff Protides).
Recently, Morvus was able to raise £2.15m to further drug development for use in the oncology market. Fusion IP will retain a 9.7% shareholding in Morvus.
Additionally, Morvus also reported an exclusive, world-wide licensing agreement with NuCana Biomed Ltd. The agreement allows development of nucleoside analogues (nucleosides) stemming from innovative research by Professor Chris McGuigan, Cardiff University School of Pharmacy. Nucleosides are considered promising candidates for the treatment of numerous cancer types and work to increase efficacy and reduce toxicity, utilising the ProTide tehnology and in conjunction with NuCana represents an exciting opportunity to develop novel anti-cancer therapies.
Chief Executive of Fusion IP, David Baynes, welcomed the additional funding and licensing deal:
"These are difficult times for funding Biotech companies and credit is due to the Morvus management team for completing both the licensing deal with NuCana and the £2.15 million fund raising, which are tremendous achievements."
"It is pleasing to have the value of the technology and its potential for cancer treatment recognised by NuCana through the licensing deal. We look forward to Morvus having a successful future."