Cantab reborn with £5M funding to develop improved biologics

Funding

One of the oldest names in UK biotech has been brought back to life with the £5 million funding of Cantab Biopharmaceuticals Ltd, by the investment fund Celtic Pharmaceutical Holdings.

Cantab Biopharmaceuticals has its antecedents in Cantab Pharmaceuticals, which was the first biotech in the UK to go public, joining the US technology market Nasdaq in 1991. At this time it was not possible for development-stage companies to list on the stock market in London.

Following the failure of products in clinical trials, Cantab was merged with Xenova Group plc in 2001, with Xenova going on to acquire another company, KS Biomedix plc, in 2003. In 2005, Xenova’s lead product also failed and it was in turn acquired by Celtic Pharmaceutical Holdings, LP (CP1) and de-listed.

Now Celtic’s second fund, Celtic Pharma Holdings II LP (CP2), has acquired the contract process development and manufacturing services unit of Xenova and named it Cantab Biopharmaceuticals Ltd.

The new-look and renamed Cantab will be developing improved versions of biologic drugs that are coming off-patent. “We are now well-placed to build a strong capability in the development of superior biologic therapeutics, or biosuperiors,” Jim Mills, the company’s newly-appointed CEO said. “Biologics have established a large market across many therapeutic areas, but many have well-known limitations. We believe we can address these issues and generate new, improved products.”

The £5 million will last for three years, in which time Cambridge-based Cantab expects to get its first product into clinical trials.