Dublin startup scores €85 million funding for new approach to cancer therapy
Carrick Therapeutics, a Dublin-based startup specialising in a unique approach to cancer therapies, has launched having secured $95 (€85) million in funding.
Heavyweight investors have lined up to support the Irish company, with US firm ARCH Venture Partners, leading UK firm Woodford Investment Management and GV (Google Ventures) among those who have provided the capital. Lightstone Ventures, which is supported by Enterprise Ireland and the Irish Strategic Investment Fund, has also support Carrick.
The company will aim to build an innovative portfolio of first-in-class treatments that are advanced through understanding the mechanisms that cause cancer and resistance and tailored to an individual patient’s tumour.
Personalised cancer medicine, which is targeted at that specific patient’s cancer, is seen as a crucial next step in the fight against the disease. Cancer is so difficult to treat because of its unpredictability, but new scientific advances are developing more and more of an understanding about it affects each person.
Carrick Therapeutics has set out a clear vision to target the molecular pathways that drive the most aggressive and resistant forms of cancer in order to have a major impact on the lives of patients. With such large funding, the company will look to develop a portfolio of first-in-class treatments, rather than a single compound or biological mechanism.
Their CEO, Dr Elaine Sullivan, has previously worked as Vice President for Research and Development for pharma giants Eli Lilly and AstraZeneca.
She comments: “Our aim is to build Europe’s leading oncology company. There is a significant unmet need in cancer treatment, and targeting aggressive and resistant disease is an area where we can make a real difference to patients’ lives.”
Sullivan has indicated that Ireland was an ideal choice for their base of operations due to the opportunities for collaboration with clinicians and scientists, and because its skilled workforce makes it a great place for recruitment.