PRESS RELEASE embargoed until 00.01 on Wednesday 16 January
Specialist research and drug discovery company CXR Biosciences Limited, a spin out from the University of Dundee, has been launched after attracting funding of £4 million from the private and public sectors.
The University's newest spin out company, CXR Biosciences has operated over the last three years as The Centre for Xenobiotic Research based at Ninewells Hospital & Medical School. The new business will be based at the Dundee Technopole building at Hawkhill. The company is expected to create 30 new jobs by the end of the year. In addition ten staff will transfer from the University to CXR Biosciences.
The two founders of CXR Biosciences, Professor Roland Wolf and Dr Clifford Elcombe are internationally renowned scientists in the fields of toxicology and specialist drug research and development.
CXR Biosciences has secured external equity funding of £2m from the Edinburgh based Archangel group of investors, to establish the business as an independent operation, purchase research equipment and fund new appointments.
Principal of the University of Dundee Sir Alan Langlands said: "We are delighted to announce the formation of CXR Biosciences, the fifth spin out company to be launched by the University in the last four years. Excellence in science and entrepreneurship are a powerful combination. CXR is the latest example of the "virtuous circle" of research and enterprise that is supporting economic development in Dundee. By creating an environment in which all the right elements are brought together research and new business development will continue to prosper."
Shareholders in the newly formed business include the founding scientists, the University of Dundee, Scottish Enterprise Tayside and the Archangel investors. The company has also received funding from the European Regional Development Fund, a Regional Selective Assistance award, various other grants, and private sector bank finance.
The Board of CXR Biosciences will include Barry Sealey CBE as Chairman and Keith Howell as non-executive directors.
Professor Roland Wolf said: "CXR Biosciences is unusual for a biotechnology company in having established sources of income from day one. CXR Biosciences will operate in a specialist niche of the contract research market offering clients customised services based on our in-depth knowledge of toxicology and all aspects of drug development. In addition our work in collaborative research will focus on evolving new methodologies for drug development. The third major area for the business will be our longer term in-house drug discovery programmes, where we have a number of specific ideas that we are actively working on.
"The process of taking a possible new drug through the development process will in the future be a critical bottleneck in drug development. The aim of CXR Biosciences is to convert new drug targets into drugs, reduce development times and maximise the probability of the drug working in the clinic."
Clive Palmer, acting chief executive of Scottish Enterprise Tayside said: "CXR Biosciences will be a major addition to the biotechnology sector in Tayside. Several successful spin-out companies have been formed based on research carried out at the University of Dundee and it is vital to the Tayside economy that we capitalise fully on the commercial potential of this research. CXR Biosciences will greatly assist the development of the Scottish biotechnology cluster by providing services to companies throughout the country and further afield, and will greatly enhance Tayside's reputation as a leading international centre of biotechnology."/ends
Background information for editors
CXR Biosciences aims to substantially improve the drug development process
by developing new methodologies appropriate for the development of new
drugs and to pursue the development of its own new drugs. In the broad, the
company intends that revenues from contract research activities and
collaboration studies, will help support the infrastructure required for
CXR's active in-house drug research programmes.
CXR Biosciences aims to work together with biotech companies in Scotland and throughout the world to help them realise their drugs potential and to assist them in the drug development process from original ideas through to the use of drugs in humans. CXR Biosciences will also be working with major pharmaceutical companies in seeking to revolutionise their drug development programmes.
The team in CXR Biosciences have in-depth and complementary experience in molecular biology, genetics, novel screening technology, pre-clinical drug development and risk assessment. CXR Biosciences can therefore offer clients in the pharmaceutical, biotechnology and other industries customised studies for product development evaluation from lead/target identification through to product advocacy.
The CXR Biosciences management team and Board include:
Professor Roland Wolf who has led the Biomedical Research Centre of the University of Dundee's Medical School for the last eight years and is also Honorary Director of the Imperial Cancer Fund Molecular Pharmacology Unit. He is internationally renowned for his work in drug metabolism, pharmacogenetics and toxicology, and sits on a number of national and international scientific committees. He is a member of advisory panels to regulatory agencies and is a regular speaker to international conferences on drug discovery, drug resistance, pharmacogenetics and toxicology. He is a Fellow of the Royal Society of Edinburgh and of the Academy of Medical Sciences.
Dr Clifford Elcombe who has had a career-long involvement in industrial drug and chemical risk assessment and toxicology, is a Senior Lecturer and Research Group leader in the Biomedical Research Centre of the University of Dundee, where he has led the Centre for Xenobiotic Research over the course of the last three years. Previously he worked for 18 years in the Zeneca Central Toxicology Laboratory in Cheshire. He is an international figure in the field of toxicology and risk assessment and has extensive experience in investigative toxicology and advocacy on behalf of chemical and pharmaceutical companies.
Barry Sealey CBE, has had a distinguished business career including being Managing Director of Christian Salvesen PLC, following which he has had a number of key public and private sector Chairmanships and non-executive roles. He is also joint founder and one of the leading members of the Archangel investment group.
Keith Howell has had a career long involvement in business planning, finance and development roles, and is currently an active investor, non-executive director or Chairman, for a number of hi-tech and developing companies.
The University of Dundee has a record of turning ideas and knowledge into products and services particularly in the biosciences sector. Research income is £43m p.a. ranking third in Scotland and sixteenth in the UK - remarkable for a university of its size. Twenty five per cent of research income comes from industry. In the Launch IT 2001 awards in London the university was named the fastest developing for innovation and enterprise. University of Dundee spin out companies include Cyclacel, Axis Shield, Drug Discovery Scotland, Cypex, AMCET and Aktina.
Contact:
Professor Roland Wolf (Scientific Director) tel. 01382 632621
or
Barry Sealey CBE (Chairman) tel. 0131 228 2191