Funding round completed
Serentis Ltd has raised £10.3 million in a first funding round jointly led by leading life science venture funds MVM Life Science Partners LLP, Apposite Capital LLP and Novo A/S.
The company was set up in June 2006 by three former executives from Arakis Ltd, a UK drug development company that was acquired by Japan’s Sosei Co Ltd for £105 million in July 2005.
CEO Tim Sharpington said Serentis will adopt the same low risk model as Arakis of finding new indications for registered drugs. After generating proof of concept in the new indication, the compounds will then be modified to improve their properties.
The money raised in the round will enable the Cambridge-based company to advance two or three products through phase II clinical trials. The company has two clinical-stage products in its portfolio currently, and is looking to in-license others and to advance in house projects to the clinic.
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