LightOx, a Newcastle based drug development company, has received an initial £400k investment from Northstar Ventures to help develop its product to revolutionise oral cancer treatment.
LightOx is using new technologies to develop light activated treatment which can improve outcomes for patients and reduce the need for surgery.
The investment from the Northern Accelerator Seed Investment Fund, will help the company advance clinical trials and set up new laboratories in Newcastle.
It is part of a round which includes existing investors High Force Research (Durham) and Meneldor (Netherlands) as well new investment from New Grounds VC based in London.
Dr Sam Whitehouse, LightOx CEO, says,
“Having had a challenging 18 months through the pandemic, we are delighted we have secured new investors to come alongside our existing shareholders and show how exciting our light-activated technology is and push our lead candidate towards the clinic.
Light activated treatment can identify and target cancer cells, particularly in the case of oral cancer this can alleviate the need for invasive surgery. It also has the potential to be used in a wide range of therapeutic indications and application areas, which we’re very keen to develop.”
Alex Buchan, Investment Director at Northstar Ventures, said,
“We’re delighted to be supporting LightOx in developing this potentially game changing technology.
The impact this could have on people’s lives can’t be underestimated and we’re pleased to be part LightOx’s vision to bring this innovative solution to market across the world.”