Penningtons Manches has acted for new client Celleron Therapeutics Limited, the UK-based precision cancer medicines company, on its new financing round with a consortium of South Korean investors.
Celleron, an Oxford University spinout, will use the funds for clinical trials of its two drugs, CXD101 and CXD201, focusing on unmet clinical indications. CXD101 is a novel dual mechanism HDAC inhibitor which has unique immuno-modulatory effects in tumour cells, and CXD201 represents a new type of topoisomerase inhibitor. Both drugs are ready to enter Phase 2 clinical trials.
Celleron secured investment from leading South Korean financial institutions including Korea Investment Partners, NHN Investment, IMM Investment and KTB Network. Theragen Etex, a listed Korean biopharmaceutical company, also participated in the funding round.
The Penningtons Manches team was led by corporate partner James Went, with support from life sciences partner Chris Shelley and corporate associate Attilio Leccisotti. The deal is another substantial growth capital transaction for this highly regarded team and emphasises its strengths in the life sciences sector.