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Imperial Innovations contributes to eight-figure Series A round in cancer therapy business

Technology investment group Imperial Innovations has announced that portfolio company Storm Therapeutics has completed a £12m Series A fundraising.

The group, which is linked to Imperial College London, has invested £3m in the medical technology firm alongside existing investors Cambridge Innovation Capital and new investors Merck Ventures BV and Pfizer Venture Investments.

Storm, who were formerly known as Iceni Therapeutics, are currently looking into the development of new cancer therapies through research that identifies small molecules that target RNA-modifying enzymes, which have been identified as a key factor in the development of cancer.

Spun out from the University of Cambridge’s cancer research-focused Gurdon Institute, the drug development business was founded as a result of work from its founders Professor Tony Kouzarides and Professor Eric Miska.

The investment means Imperial Innovations now hold a 22.3% stake in the firm which Storm intend to use to ramp up identification of these crucial small molecules to develop new classes of anti-cancer treatments.

Rob Woodman, Director of Healthcare Ventures at Imperial Innovations, commented: “We are delighted to be working with the founders and co-investors to make Storm Therapeutics a leader in therapeutic modulation of RNA modifying enzymes.

“Storm Therapeutics is a classic example of our model - helping world-leading scientists to turn their outstanding research into exciting early-stage companies by providing long-term funding and building great syndicates of like-minded co-investors.”