Oxford's OMass Therapeutics secures £10m funding from British Patient Capital
University of Oxford spinout OMass Therapeutics has secured £10m of funding from British Patient Capital (BPC).
The biotech firm is developing small molecule therapeutics for rare diseases and immunological conditions and has secured the BPC investment as part of its Series B fundraising round which now stands at a total of £85.5 million.
BPC, a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank joins Syncona, Oxford Science Enterprises, GV, Northpond Ventures and Sanofi Ventures in the round.
READ MORE: OMass Therapeutics outlines next growth phase with new facilities and team expansion
The additional £10 million investment is from BPC’s Future Fund: Breakthrough programme, a £375million programme which co-invests with private sector investors in innovative, R&D-intensive UK companies.
The funding will be used to clinically develop OMass Therapeutics' proposition.
OMass has a current workforce of 55 and recently moved into new purpose-built facilities on ARC Oxford campus.
Catherine Lewis La Torre, CEO, British Patient Capital said: “The UK continues to demonstrate its strength in life sciences with university spinouts like OMass leading the way. Scaling next-generation technology businesses, like OMass, by providing long-term capital for investment is why we established Future Fund: Breakthrough in 2021. We are delighted to be part of this latest funding round which will allow OMass to continue to build a strong pipeline of drugs with the potential to meaningfully improve patient outcomes.”
OMass this week also announced the appointment of Jim Geraghty as chairman of its board of directors and
Boston-based Mr. Geraghty has over 35 years of strategic experience including more than 25 years as a senior executive at biotechnology companies developing and commercialising innovative therapies.
