Scottish life sciences firm, Big DNA Ltd, which is developing a faster, cheaper method to deliver life saving vaccines, has announced a further successful round of funding. Scottish Enterprise through its Venture Fund matched £1m private investment from Hong Kong and the Channel Islands giving the fledgling firm a further £2m for the next stage of the vaccine technology development.
Last week, Big DNA won the “Best new life science firm award” from Scottish Enterprise at their annual Life Sciences Dinner in Edinburgh.
“This new investment will be used to fund the first phase clinical trials of our lead product, a hepatitis B vaccine, which we will complete within the next three years,” says Dr John March, chief executive and co-founder of Big DNA. “Our patented technology has enormous potential importance for public health in the future, and this investment comes during a tough financial climate.”
Louise Provan, of Scottish Enterprise’s Scottish Venture Fund said: ”This investment demonstrates our confidence in this innovative young company, which we expect to grow and develop into a world leader in vaccine development.”
Big DNA raised £1.5m in 2008, from Scottish Enterprise’s co-investment fund and private investors, on top of £300,000 of venture capital funding. The firm was founded with a proof of concept award from Scottish Enterprise, Scotland’s main enterprise, innovation and investment agency.