The Edinburgh firm has received £1m follow-on funding from long-standing partner the Scottish Investment Bank (SIB), adding to a recent £10m scale-up investment by major life sciences backer Morningside Ventures.
This funding represents a significant endorsement of our proprietary antibody technology and establishes MedAnnex as a leading UK biotechnology company...Ian Abercrombie, Chief Executive., MedAnnex
MedAnnex, which has developed “novel” antibodies designed to treat autoimmune disorders and other serious diseases, is currently expanding as it gears up for clinical testing of its innovations. The company is also collaborating with teams at University College London, University of Glasgow and Anglia Ruskin University.
Kerry Sharp, director of the SIB, the investment arm of economic development agency Scottish Enterprise, said: “Having supported MedAnnex from an early stage, through initial seed funding and Smart: Scotland innovation support, it is great to see the business raising the funds required to implement its expansion plans...”