TPP Global Development (TPP), an innovative drug development company, announced today it has raised £9.6m which will be used to execute the Company's strategy to develop early-stage pre-clinical drug candidates.
“TPP's investment in Edinburgh is excellent news for the Scottish economy generally and will further enhance our growing international reputation in attracting successful and ambitious life sciences organisations.”
TPP has raised funds from a select group of investors, including the Scottish Venture Fund. TPP will be using the funds to build shareholder value by developing a diversified portfolio of drug programmes.
Therapeutic focus areas are nervous system disorders, immunology/inflammation and niche oncology, with early-stage, pre-clinical drug programmes sourced mainly from research institutes and universities. TPP will develop these programmes in the lab of the inventor where possible, or at a local contract research organization (CRO). Once programmes reach the later stages of pre-clinical development, TPP will look to license them to Pharma or, where it makes commercial sense, establish them as separate spin-out companies.
TPP's willingness to in-license and develop programmes at a much earlier stage than most other commercial organizations is a key differentiating feature.
Peter Trill, TPP's CFO commented, "There has always been a funding shortfall for early stage research. This will become ever more acute as the pharma industry continues to reduce spending on pre-clinical research, instead looking to in-license late-stage pre-clinical drugs, and the economic environment puts pressure on central government and medical charity research funding."
TPP has assembled an experienced board with strong industry expertise. CEO Tom Brown and CFO Peter Trill, have almost 25 years combined experience of advising on and investing in healthcare and biotech companies. Other board members include Professor Michael Walker, CEO of Verona and a founder of Rhythm Search Developments (RSD) which evolved into Nortran Pharmaceuticals and subsequently NASDAQ-listed Cardiome, and Dr Sharon O'Kane, a founder of LSE-listed Renovo.
The scientific advisory board (SAB) comprises a team of exceptional scientists, chaired by Professor Sid Gilman, previously member and chairman of the FDA's PNS/CNS committee (the panel advising the FDA on drugs targeting nervous system disorders) and a renowned scientist in the fields of Alzheimer's and Parkinson's diseases and other movement disorders.
CEO Tom Brown said, "We are fundamentally a science company but our board brings more to TPP than scientific excellence - these are individuals with a substantial track record of commercial success." He added, "Our SAB also stands out on the basis of its quality, composition and strategic role. Its role is not simply a rubber stamping exercise for management - it has real input on which programmes we develop and how we develop them."
TPP has headquartered itself in Edinburgh, Scotland. The key attractions are the proximity to a number of highly ranked life-sciences universities, together with a strong local skill base and infrastructure to support TPP's business needs. Additionally, there is strong momentum behind the Edinburgh BioQuarter project which aims to cement Edinburgh and Scotland as a key player in the global life-science arena. The recently announced £24m investment in a new bio-incubator in Edinburgh, joint funded by Scottish Enterprise and the UK Strategic Investment Fund, demonstrates commitment to this aim.
Lena Wilson, chief executive, Scottish Enterprise said: "We are creating the kind of supportive business environment that will hopefully see many more companies follow TPP's example in locating HQ functions here in Scotland. Through projects like the Edinburgh BioQuarter, we are building on our clear strengths in life sciences such as our academic base, the quality of our research and our skilled motivated people, all of which TPP and many more global life sciences companies clearly value.
"TPP's investment in Edinburgh is excellent news for the Scottish economy generally and will further enhance our growing international reputation in attracting successful and ambitious life sciences organisations."
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