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CYTOX - £3.5 Million Investment, New Management and a Major Validation Milestone
January 26, 2013
Manchester & Oxford, United Kingdom - Cytox Limited, developer of a unique blood biomarker, ADpredict, using a proprietary cell cycle approach for Alzheimer's disease (AD), today announces a £3.5 million injection from new and existing backers reassured by a new, experienced management team with a proven track record. ADpredict, a blood-based test in development for identifying AD in early symptomatic patients, was developed by Cytoxs Science Director, Dr Zsuzsanna Nagy, Lead of the Neurodegeneration and Repair team based at the University of Birmingham.
Cytox is also today unveiling the completion of a study sponsored by Roche on ADpredict. Cytox says the results further build their confidence that the assay based on a totally novel paradigm for the disease-causing mechanism for AD will become an important tool to assist pharma companies in their development of new therapies. The results will be used to refine the next steps in assay validation and clinical development. ADpredict has now been tested in close to 300 subjects in three clinical studies; the new data from this has been submitted for publication.
Steered by experienced diagnostics entrepreneur David Evans as Chairman, Cytox has appointed an ex-GE Medical Diagnostics Global Head of Research & Development, Richard Pither, as CEO. Richard has a background in molecular and cellular pathology and has been involved in the development of diagnostic and therapeutic pharmaceutical products for more than 20 years.
As well as Dr Nagys Birmingham lab, Cytox has opened a new HQ office on the Harwell Business Park near Oxford and a new research facility on the Manchester Science Park adjacent to the University of Manchester.
David Evans, Chairman of Cytox, says, "I am pleased to announce that we have exceeded our expectations for the first round of funding for Cytox at such an exciting juncture. This investment round is expected to exceed Ł3.5 million with around 85% coming from new backers. They are as excited as we are by Cytoxs proposition at a time when an early biomarker for Alzheimers is so keenly needed.
We have compelling early validation data supporting the use of the ADpredict blood test in predicting Alzheimers disease in the early stages, just when having such a simple research use biomarker has become critically important to the development of new therapies. It was vitally important for us that we got the right team in place to enable us to align our priorities amongst customers in both pharma and clinical markets and offer them the level of expertise they needed to progress their clinical studies.
We will now push forward with our plans to complete the remaining steps in assay development, deliver near-term revenue opportunities and conduct prospective clinical studies.
The immediate value in research is clear and, with over 35m people worldwide suffering from dementia and an estimated 75m experiencing some degree of cognitive impairment, the long-term potential for use in clinical trials and diagnostic products is staggering."
Mr Evans also acknowledges the valued assistance of City of London broker Hybridan for helping find some of the investors who have contributed to the investment in Cytox.
Commenting, Dr Penny Attridge, Senior Investment Director at SPARK Impact, which manages the North West Fund for Biomedical, says: We are excited to be investing in Cytox's paradigm-shifting science, just at a time when an early AD biomarker is so clearly needed in pharmaceutical research. The new management team at Cytox has an impressive track record and we have every confidence that the relaunched company will make a huge impact in its market." The Ł25m North West Fund for Biomedical, managed by SPARK Impact, is a sub-fund of The North West Fund, which is provided by the European Investment Bank (EIB) and the European Regional Development Fund (ERDF), to supply equity funding to small and medium sized enterprises in the North West of England.
Further commenting, renowned biotech investor, Jim Mellon, says: "We're delighted to see a renewed focus from Cytox. Their approach is unique and is being developed to create a much needed candidate companion diagnostic to identify Alzheimer's in its early stages. It should therefore continue to attract serious interest in this therapeutic market."
A key Cytox investor is The University of Birmingham. As a senior lecturer and Lead of the Neurodegeneration and Repair team at the University of Birmingham, Dr Zsuzsanna Nagy continues her pioneering work in Neurodegeneration, preclinical drug screening, biomarkers and risk factors for neurodegenerative diseases. Cytox has a strong intellectual property portfolio of in vitro diagnostic products all of which are licensed from the University of Birmingham via its wholly owned subsidiary Alta Innovations Ltd and the University of Oxford via ISIS Innovation, its technology transfer subsidiary.
Dr James Wilkie, CEO of Alta Innovations Ltd, says: With a new management structure in place, 2012 has seen excellent progress culminating in a successful re-financing of the Cytox business. With this investment we feel confident that Cytox will be able to commercially develop its AD biomarker to the point where it can be successfully applied for use in screening patients for clinical trials.
Dean Slagel, Managing Director of Esperante, the privately-held life science investment fund, says: As a life science fund currently interested in diagnostics and biomarkers, we are delighted to be investing in Cytox on the merits of an excellent team and multiple market opportunities in the diagnosis, prognosis and therapeutic management of Alzheimer's, Mild Cognitive Impairment and associated indications. Cytox's unique approach is innovative, exciting and carries huge potential."
New investor, Rajat Malhotra, Partner, Wren Capital, says: "We were introduced to Cytox by David Evans. We have worked closely with David before: he has a strong track record in diagnostics. There are three main reasons we decided to invest in Cytox. Firstly, the science behind it is very credible and innovative. Second, Alzheimer's diagnostics is with a big global market out there that needs a solution that we believe Cytox can provide. Thirdly, Richard Pither is without doubt one of the most impressive CEOs we have come across in a long time.