The corporate team at law firm Shakespeare Martineau have completed a duo of deals in the biotech sector this week, raising more than £350,000 for pharmaceutical development company Nuformix and cancer diagnostics developer Cizzle Biotechnology.
Long-standing client of the firm, Cizzle Biotechnology has raised £150,000 – through the issue of a convertible loan note – in order to fund the roll out of its CIZ1B early cancer test in the UK and Europe, to be used in the early detection of lung cancer.
Meanwhile, Nufromix has announced a conditional placing, raising £210,000 to drive forward its NXP002 programme, an inhaled treatment for idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF); a condition where scar tissue builds up in the lungs, making it hard to breathe.
Allan Syms, executive chairman of Cizzle Biotechnology, said: “Following the success of the company’s licensing strategy in North America, we are now keen to build partnerships in the UK and elsewhere in Europe. The CIZ1B biomarker and its use in early cancer diagnosis was the result of many years of research and development by Professor Coverley, the Founder and CSO of the company, and her research team at the University of York, and we want to ensure this innovation also brings benefit to patients in the UK delivered through the NHS and other healthcare providers.”
Commenting on the fundraising for Nuformix, its executive director, Dr Dan Gooding, said:
“The placing will provide the company with additional funds to support it through an exciting period as we progress discussions with potential licensing and development partners, who like us are keen to improve the treatment of IPF and PPF via inhalation.”
Keith Spedding, corporate partner at Shakespeare Martineau who led both deals, said: “The BioIndustry Association’s (BIA) annual financing report showed that the UK biotech sector raised £3.5bn in 2024, marking a 94% increase from the previous year. This demonstrates both domestic and international confidence in the sector as highlighted by our clients’ worldwide reach.
“Fundraising in this sector remains challenging at this time for small cap companies, and it’s great to see our clients’ success against this backdrop.”
Keith was supported on both matters by solicitor Mia Georgiou.
Article written by Shakespeare Martineau, contact: Jemma Page – [email protected] or call 0115 945 4617
