BRIEF—ILC Thera gets funding to accelerate development of Alfacyte

Scotland-based biotech ILC Therapeutics, which is developing ground-breaking new class of interferon drugs, today announced the successful completion of a £3.5 million ($4.85 million) pre-Initial Public Offering (IPO) funding round.

Investors include Los Angeles-based lawyer and investor, Robert Kopple; St Andrews-based Eos Angel Investment Syndicate; Scottish Enterprise; ILCT management.

ILC chairman Peter Bains said: “We are very pleased to complete this important funding round and to strengthen the Board with the appointment of Robert Kopple, Professor David Harrison and Chris Brinsmead. With this funding in place, ILCT is now well positioned to strengthen its novel technology platform and to advance its lead candidate, Alfacyte through IND enabling studies in preparation for clinical trials as an anti-viral therapeutic for COVID-19.’’

The company’s chief executive, Dr Alan Walker, added: “We are living through the most rapidly evolving viral environment the world has seen. Catalysed by the global Covid crisis, governments and markets alike are recognizing the critical need for effective and safe antiviral medicines, both to meet the immediate challenges of today and the inevitable new threats of tomorrow. ILC Therapeutics Hybrid interferon platform technology is well positioned to address these needs and Alfacyte, our lead candidate, has the potential to become an important antiviral treatment in the ongoing global fight against COVID-19, and future pandemic threats.’’