Newcastle upon Tyne, UK, 13th June 2024
Life sciences company LightOx raises £1.5m to develop oral cancer preventative treatment
A Newcastle-based life sciences company has raised £1.5m worth of investment to help develop a ground-breaking treatment that could provide a treatment for patients suffering from early stage oral cancer.
LightOx has raised money to develop its lead candidate LXD191, an oral gel that is activated by a light device that targets a serious pre-cancerous condition called oral epithelial dysplasia (OED).
LightOx was founded by Carrie Ambler (CSO) and professor of Biosciences at Durham University and Dr Sam Whitehouse (CEO), with the aim of developing a treatment that will replace painful and highly invasive surgery or radiotherapy, which are commonly used on patients.
The round was led by the GMC Life Sciences Fund by Praetura – a collaborative fund managed by Praetura Ventures and made up of Bruntwood SciTech, Cheshire and Warrington Local Enterprise Partnership and Greater Manchester Combined Authority – with LightOx’s existing investors also contributing, including Newcastle’s Northstar Ventures.
According to LightOx, current treatments for OED include cutting tissue from the mouth, which can leave 95% of patients with life altering consequences, with 50% of patients never returning to work.
Commenting on this latest round of investment, Professor Carrie Ambler, Chief Scientific Officer at LightOx, said:
“The new investment from the GMC Life Sciences Fund managed by Praetura and Northstar Ventures will enable us to finalise the pre-clinical data package over the next 12 months needed for us to advance our lead drug into clinical trials. We are thrilled to have new investment partners to support LightOx during this exciting phase of our drug programme.”
Sim Singh-Landa, Investment Director at Praetura Ventures and Head of the GMC Life Sciences by Praetura, said:
“The research and clinical tests the LightOx team are doing now could save and improve countless lives in the future as well as alleviate pressure on the NHS by treating OED at a much earlier stage. The Praetura team are looking forward to supporting LightOx as it enters this next phase of growth and clinical testing. Likewise, we are delighted that the business will be increasing its presence in Manchester and the North West, where there is a wealth of life sciences expertise.”
Alex Buchan, Investment Director at Northstar Ventures, added:
“With oral cancer currently being ranked as the sixth most common, we see this as a really exciting new therapeutic. Northstar are very pleased to support LightOx in the vital work they are doing.”
LightOx is committed to exploring other uses within healthcare, including bacterial infections and wound care. The business is also preparing to expand beyond its current headquarters in Newcastle with a new Manchester base and plans to launch the next phase of its clinical trials in the North West region.
Pictured: Laurence Tan (Praetura Ventures), Jess Jackson (Praetura Ventures), Sam Whitehouse (LightOx), Carrie Ambler (LightOx), Sim Singh-Landa (Praetura Ventures)
About the GMC Life Sciences Fund by Praetura
The GMC Life Sciences Fund by Praetura is a new £20m investment fund by Greater Manchester Combined Authority, Cheshire and Warrington Local Enterprise Partnership, Bruntwood SciTech and Praetura Ventures. The fund was launched in May 2022 by the Mayor of Greater Manchester Andy Burnham and supports life sciences businesses based in the region or those who are committed to scaling here.
About Praetura Ventures
Praetura Ventures is a Manchester-based venture capital firm which invests in early-stage, high-growth businesses across the UK, with a particular focus on supporting entrepreneurs across the North of England.
Praetura Ventures is committed to adding value post-investment and providing the ‘more than money’ support that businesses need to grow, including additional expertise, resources, networks and guidance, to its investee companies.
Since 2019, Praetura Ventures has backed 45 companies, including North West headquartered businesses Culture Shift, XR Games and Peak. The business has now grown to over £260m AUM and recently won the Northern Powerhouse Investment Fund II mandate for the £100m fund dedicated to equity in the North West of England.
Learn more at praeturaventures.com
Notes To Editors
Press contacts – Northstar Ventures Limited
Deborah Nixon Carr
Investment Support
T: 0191 229 2770
M: 07754 800 749
deborah@northstarventures.co.uk
Emma O’Rourke
Finance Director
T: 0191 229 2770
M: 07715 366 434
emma@northstarventures.co.uk
About Northstar Ventures
Northstar Ventures is a long-established venture capital and social investment company based in the North East of England.
As the region’s leading early-stage investor, we have provided over £100m of funding into start-ups, early stage businesses and high impact social enterprises.
Supporting entrepreneurs since 2004, we know how to identify strong, effective teams with innovative ideas that will drive high growth, scalable businesses, and sustainable charities. Our particular focus is on those organisations who provide solutions to societal and industry-wide issues on a regional, national and even global scale.
Our investment managers have a wealth of expertise supporting new and growing businesses. They bring commercial and operational knowledge to the table combining everything from PhDs, MBAs, international careers and finance to micro-business experience.
Northstar Ventures Limited is authorised and regulated by the Financial Conduct Authority. For more information see www.northstarventures.co.uk.
Press contacts – North East Fund
Kristen Watson
PR Account Executive
T: 0191 261 4250
M: 07718 065696
kristenw@gardiner-richardson.com
Sarah Banks sarahb@gardiner-richardson.com
Jez Davison Jez.Davison@gardiner-richardson.com
About The North East Fund
The North East Fund’s suite of five venture capital and loan funds invested £128m in 433 companies between April 2018 and December 2023. The programme will continue to provide funding during 2024 to small and medium sized businesses based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead, Sunderland and County Durham. It was established to encourage investment in, and the commercialisation of, new technologies and to stimulate new business creation, private investment and entrepreneurialism in the North East. By January 2024, over 2,700 new jobs had already been created by its investee companies. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by an independent, FCA-regulated fund manager. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
About the European Regional Development Fund
The North East Fund will receive up to £78,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, job creation and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. For more information, visit: http://www.eib.org/about/index.htm
