ILC Therapeutics, a Newhouse, Lanarkshire-based biotechnology company involved in the development of a new class of interferon drugs, has announced the strengthening of its board and management as well as a “pre-IPO funding round” to advance its lead novel hybrid interferon drug candidate Alfacyte.
The appointments announced are Peter Bains as non-executive chairman, Richard Morgan as a non-executive director and Allan Watson as chief financial officer.
Dr Magnus Nicholson, current chairman of ILC Therapeutics, will become senior adviser and non-executive director on the board.
Bains has over three decades of experience in the pharmaceutical and biotech industry including senior roles with GSK and more recently as CEO of Syngene, where he led a successful IPO and listing.
Morgan has played an active role in the development of over 35 life science companies, assisting a number of these with listings on the London Stock Exchange.
New CFO Watson has over 15 years of experience working globally for leading pharmaceuticals and med-tech companies and has advised multiple companies on IPOs and M&As.
Bains said: “I am delighted to be part of the ILCT team for the next phase of its development inbringing a novel therapeutic to market.
“AlfacyteTM has the potential to become an important antiviraltreatment in the ongoing fight against RVI’s in general and Covid-19 in particular.
“It has the potential to treat a wide range of viral and infectious diseases and offers us a significant tool for future pandemics.”
Morgan said: “ILCT have built a therapeutic which can be very effective against viral diseases and a number of other indications and is likely the most powerful antiviral interferon ever produced.
“I look forward to moving to the next stage in bringing this much-needed treatment to the public.”
ILC Therapeutics CEO Dr Alan Walker said: “We are very pleased to announce this funding round and expansion of the team to further develop our world class scientific and commercial team with industry veterans who have started and grown multiple life sciences companies such as Peter and Richard.
“The development of antiviral therapeutics for Covid-19 is crucial to complement the vaccine effort and to ensure we have a safety net should a new mutation escape vaccines entirely.
“It is also a vital treatment for those who are not able to take vaccines or choose not to.
“Having a potent therapeutic interferon such as Alfacyte that can suppress viral respiratory diseases before it progresses in the body can also play a central role in future pandemics and potentially give us the upper hand when a virus firstemerges.”