Imperial: First investment into a Cambridge spin-out, MISSION Therapeutics

Imperial Innovations Group plc, the UK’s  leading technology commercialisation and investment company, has participated in a £6 million funding round into MISSION Therapeutics, investing £1.3m. Sofinnova Partners led the round which also included SR One and Roche Venture Fund.  Following the investment, Innovations will hold 15.7% of the equity in MISSION.

MISSION is a new drug discovery and development company based on the pioneering research of Professor Stephen Jackson, Head of Cancer Research UK Laboratories at The Gurdon Institute, University of Cambridge. He is an expert on cellular responses to DNA damage and previously founded KuDOS Pharmaceuticals, which was acquired by AstraZeneca in 2006 for $210m.  Professor Jackson will become Chief Scientific Officer of MISSION, and the company will be led by Dr Niall Martin, previously head of KuDOS Pharmaceuticals.  Dr Xavier Jacq and Dr Keith Menear will also join the founding team, having both previously held key scientific roles at KuDOS Pharmaceuticals.

MISSION’’s goal is to translate new molecular understandings of human cell biology and enzymes into drugs that will markedly improve the management of major life-threatening diseases.  The main focus of MISSION’s research and development activity will be in oncology, where it will build a strong drug discovery platform against enzymes in the ubiquitin pathways that control cellular responses to DNA damage. Targeting this exciting area of biology may also have potential value in other therapeutic indications.

Simon Kerr, Innovations' Director of Healthcare Ventures, will join the Board of MISSION as a non-executive director.

Susan Searle, Chief Executive Officer of Innovations, said: “This first investment in a Cambridge company is a significant step for Innovations. We are delivering on our objective of broadening our portfolio to include technology from  Oxford, Cambridge and University College London. We are excited by this opportunity and to be working with such a strong team under the leadership of Professor Jackson and Niall Martin.“

Niall Martin, Chief Operating Officer of MISSION, said: “This is a great opportunity to continue to work with Professor Jackson to deliver high quality science and to develop drugs that will have a real impact on disease.  We are also pleased to have the backing of such a strong investor syndicate as we develop MISSION to become a leader in its field.“