Oxford University spin-out raises €1.5M for common cold treatment

Funding

CMP Therapeutics (CMPT) has raised €1.5 million in the form of a convertible loan from Inventages Venture Capital. The loan will support continuing operations and the upcoming clinical trial of its lead product for the common cold. The company has been supported by London-based Inventages Venture Capital and New Zealand-based BioPacificVentures since its formation in 2004, with the investors previously putting £4.5 million into the Oxford University spin-out.

At the same time CMPT announced the appointment of Neill Mackenzie as CEO. Achim Kaufhold, Chairman of CMPT, said, “Now is a pivotal time for CMPT as we move into advanced clinical development for our lead product and we are delighted to welcome Dr Mackenzie as CEO. He combines proven experience in driving the corporate development of spin-outs from the universities of Cambridge and Oxford with a highly relevant academic background in immunology.”

Mackenzie said, “CMPT is based on unique science from the Medical Research Council’s Histochemistry Unit in the University of Oxford and has opportunities in major therapeutic markets such as viral infection, allergy and also functional foods. With a lead compound that has over-the-counter potential as a treatment for the common cold we hope to be ready for the market shortly after we have completed clinical trials over the next two years.”