Glasgow-based ILC Therapeutics, a specialist developer of hybrid interferons, a new drug class engineered for improved therapeutic profiles across multiple indications, said it has successfully completed a fundraise of £2.5 million.

The fundraise, led by St Andrews-based impact investment firm Eos, Scottish Enterprise, Medical Incubator Japan and Los Angeles-based lawyer and investor Robert Kopple, will support the continued pre-clinical development of the company’s two lead assets, Alfacyt and Dermacyt as they move towards the clinic.

ILC Therapeutics also announced the appointment of Owain Millington as chief executive officer, Julie Bailey as chief financial officer, and Dawn Firmin as chief operations officer with immediate effect.

Millington has over 20 years’ experience in the immunology space, working in early-stage companies, including TC BioPharm, Medisix and Matterhorn Biosciences.

He has strong experience in building and leading Discovery and Development teams, successfully identifying new candidates and delivering immunotherapy products into the clinic. Owain joined ILC Therapeutics in 2023 as VP & Head of Pre-Clinical.

Bailey is a certified and chartered accountant who has worked for over two decades in executive finance roles, where she led multiple successful raises and exits.

Prior to joining ILC as a consultant in 2023, she served in CFO and MD roles, with oversight of finance, HR, sales & marketing and IT. In addition, she co-founded a health supplement e-commerce (exited 2023) and Turnkey, a venture partner studio providing services for equity in start-ups and spin-outs.

Firmin has over 15 years’ experience in drug development, with significant expertise in managing and coordinating the different phases of the drug development process, having held key roles in early-stage companies, including MGB Biopharma and EnteroBiotix.

She has strong operational experience in lead discovery, CMC, pre-clinical PoC, toxicology, safety pharmacology, and clinical trials, as well as directing regulatory, quality and funding oversite, to support products to the clinic. Dawn joined ILC Therapeutics in 2022 as Head of Technical Operations.

Alfacyt is being developed for the treatment of upper respiratory tract infections and, as a broad-spectrum antiviral, is a promising novel therapeutic to tackle the threat of future pandemics, including coronaviruses.

Dermacyt represents a novel approach to psoriasis, with a multi-pathway and multi-cellular mode of action. Wide-ranging in vitro data has shown Dermacyt inhibits key cytokines and chemokines involved in psoriasis, with in vivo proof-of-concept studies now underway.

Peter Bains, Non-Executive Chair of ILC Therapeutics, said: “We are delighted to successfully close this fundraise in support of our two lead assets, Alfacyte and Dermacyte, and would like to thank all of our investors for participating.

“We believe that our products could provide exciting new modalities in the antiviral and dermatological spaces respectively, specifically designed using our hybrid interferon platform for improved therapeutic profiles. I would also like to congratulate Owain, Julie and Dawn on their new roles as CEO, CFO and COO; they have played significant parts in securing this financing and have been instrumental in the development of the two assets and I am confident that their expertise will enable us to move both towards the clinic in the coming years.”

CEO Millington said: “I am excited by the opportunity to lead ILC Therapeutics; our unique hybrid interferon platform has produced two excellent candidates that demonstrate pleiotropy and broad mechanisms of action that could provide huge advantages over existing therapies.

“This fundraise will be used to fund in vivo efficacy studies of both candidates and advance both towards clinical studies.”

CFO Bailey said: “Having worked alongside Owain and Dawn on a consultancy basis, I am pleased to now be joining the Company permanently as Chief Financial Officer.

“This financing is an important step towards reaching key value inflection points for the Company, and I’d like to thank our existing and new investors for their participation in the round.”