Fast growing Scottish biotech company Sistemic Ltd today announced that
it had closed a series A funding round with lead investors ChimeraBio
and the Scottish Enterprise Scottish Co-Investment Fund. The company
will use the funding to further develop its proprietary SistemRNA
compound-centric drug discovery technology. Using SistemRNA shortens the
odds in drug discovery by enabling far more accurate prediction of
potential drug indications, interactions and side effects.
“Scottish Enterprise has in important role to play in
helping increase private sector investment into Scottish companies. This
deal is a great example of how we have worked with private investors to
make this happen.”
SistemRNA screens compounds of interest against Sistemic’s knowledgebase
of reference compound responses in cell-based models. The process
generates information on biological differences, mechanism of action and
potential new targets from the associated miRNA expression profiles
referenced against the knowledgebase.
According to Sistemic CEO Chris Hillier, miRNA is increasingly seen as
key to understanding drug efficiency: “We are able to rapidly release
significant asset value for pharma and biotech partners. In addition to
de novo discovery, there are major opportunities in repositioning,
re-purposing and lifecycle extensions. For example, new indications,
formulations and combinations of previously marketed products accounted
for 45% of new medicines launched in 2007. Our first contracts have been
in oncology but this is a broadly applicable approach. The new funding
will enable us to expand our knowledgebase, for example, in cardiac and
anti-inflammatory indications, and to accelerate commercial operations.”
Chairman and Partner of ChimeraBio, lead investor, Jim Reid commented:
”I am delighted with Sistemic’s rapid progress. In less than a year they
have completed key technical milestones, secured their first contracts
and began commercial operations in Boston to serve the key US market.
With the strong and experienced management team led by Chris Hillier, I
look forward to their continued growth as one of Scotland’s most dynamic
new wave of biotech companies.”
Andrew Sloane, head of Scottish Co-Investment Fund for Scottish
Enterprise, said, “Scottish Enterprise has in important role to play in
helping increase private sector investment into Scottish companies. This
deal is a great example of how we have worked with private investors to
make this happen.
“Access to equity investment is extremely important for innovative
Scottish companies like Sistemic, and this investment will help the
company to further develop its capabilities in the field of drug
discovery technology.”
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