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BioAscent secures investment to expand its integrated drug discovery services

BioAscent has secured £1.6m in funding from Maven Capital Partners (“Maven”).

 The investment will facilitate BioAscent’s growth through its unique offering of integrated drug discovery, and compound management services, as well as the Compound Cloud library of lead-like pharma compounds, from its state-of-the-art facilityat BioCity, Scotland. This offering of expert compound management and integrated drug discovery services from one facility is a key differentiator and is expected to drive BioAscent’s growth.

BioAscent’s team of expert biologists and medicinal chemists has extensive previous experience working in major pharma and biotech and a track record of taking drugs from concept to clinical candidate across all major therapeutic areas. In addition, for the past five years BioAscent has been a key participant in the European Lead Factory, collaborating on more than 70 projects and producing a range of highly biologically active and drug-like molecules across a broad range of target families.

As well as having the infrastructure to house client libraries ranging in size from a few thousand to millions of compounds, the BioAscent laboratories are equipped with state-of-the-art drug discovery instrumentation. This includes 400MHz NMR, LCMS, super-critical fluid chromatography and HPLC, and the team can perform a broad range of synthetic procedures including microwave-assisted reactions, hydrogenation and flow chemistry. In the bioscience laboratories, acoustic dispensers facilitate efficient screening using a variety of cellular, biochemical and biophysical techniques including microscale thermophoresis, dynamic mass redistribution and differential scanning fluorimetry.

Paul Smith, CEO at BioAscent, said: “BioAscent offers enviable, world-class expertise in the key drug discovery disciplines of biosciences and medicinal chemistry to the increasing number of companies that are outsourcing their drug discovery. Smaller companies want to avoid building a costly drug discovery capability, while larger pharmaceutical and biotechnology companies want the increased cost-effectiveness, flexibility and efficiency compared to developing in-house infrastructure and research staff. With our experienced teams, established compound management and screening facilities, and our on-site Compound Cloud library, we can work with clients right from the earliest stages of the drug discovery process, and this gives us a stand-out advantage over other providers”.

David Milroy, Investment Director at Maven, added: “BioAscent, with its highly regarded team and impressive state-of-the-art facility is ideally placed to capitalise on the increasing demand within the market for high quality drug discovery services. Maven’s investment will be used to expand BioAscent’s service offering and critically hire additional leading scientists and I very much looking forward to working with Paul’s team and with BioCity to scale the business.  

Glenn Crocker, CEO at BioCity Group, said: “This is a major milestone in the development of BioAscent, with the investment from Maven validating the successful development of the business over recent years. I am very pleased BioCity remains a major shareholder in the company and look forward to continuing to work with Maven and the management team to grow the business further.”

 

 

Editors’ Notes

BioAscent Discovery Ltd.

Founded in 2013, BioAscent is a leading provider of integrated drug discovery services based at the former Organon / Merck Sharpe and Dohme (MSD) R&D site in Newhouse, Scotland. Our drug discovery services include de novo assay development, target analysis and bespoke screening strategies, compound screening, medicinal and synthetic chemistry, computational chemistry and data management. Our team of expert scientists has experience of successfully working from assay development through to preclinical and clinical candidates across all biological target classes and major therapeutic indications. As part of its compound management service, BioAscent currently holds and manages over 1 million compounds for our customers, in both liquid and solid formats. Through the Compound Cloud service, the company provides rapid access to an IP-free library of ~125,000 lead like compounds in screening-ready format.  Since 2013, the BioAscent team has been responsible for:

  • 100 biochemical and biophysical assays for drug discovery projects
  • 50 hit validation/characterisation projects
  • 30 hit-to-lead campaigns
  • 80,000 screening plates delivered to our global customers/partners

 

About Maven Capital Partners UK LLP      

Maven Capital Partners UK LLP (Maven) is a lower-mid cap private equity house focused on the provision of growth capital and mezzanine finance to SMEs across the UK. It is one of the most active private equity fund managers in the country, managing over £415 million of assets for a variety of client funds, including Venture Capital Trusts, UK regional debt and equity funds, and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.

Headquartered in Glasgow, and with ten other offices throughout the UK, Maven has nationwide coverage of the market for SME finance and is introduced to around 400 deals per year through 40 regionally based investment executives. With over 70 staff and partners, Maven executes a range of private company transactions, offers hands-on proactive portfolio management to investee companies and provides a fully integrated back-office support function to client and third party fund managers. Since 2009 Maven has invested over £347 million in SMEs across the UK.

For more information about Maven visit: www.mavencp.com @maven_cp

 

About BioCity Group

BioCity is a life science incubation company operating from four sites in the UK, including Newhouse, Glasgow. The business builds new start-up companies, makes investments and provides growing companies with the best facilities and infrastructure to enable them to succeed. With over 200 companies based at its sites employing thousands of people, BioCity is the UK’s largest bioincubation business. The Newhouse site, along with the world class facilities used by BioAscent, was acquired by BioCity from MSD in 2012. BioAscent was created in 2013 and operated as a subsidiary of BioCity until the investment by Maven.

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David Milroy

David is a Partner at Maven Capital Partners where he is a member of Maven’s Investment Committee and is responsible for sourcing and executing private equity investments in Scotland as well as technology and life science investments across the UK. His current investments include Blacktrace Group, Curo Compensation, Optoscribe, QikServe, CB Technology and BioAscent. David started his career as a scientist with GlaxoSmithKline.

After completing his PhD, he moved to international consultancy firm Wood Mackenzie (and then parent Deutsche Bank) where he supported the healthcare banking team, advising clients on their corporate and licensing strategies; and performing due diligence projects on companies, products and technologies.

David joined Aberdeen Asset Management’s private equity division (spun-out to form Maven in 2009) in September 2007 as Fund Manager for an early-stage technology fund. David has a First Class Honours degree in Pharmacy, a PhD (Molecular Biology/Gene Delivery) from the University of Bath and a MBA from The University of Edinburgh.

Director of Chemistry

Dr Angus Morrison

Angus has over 15 years’ experience as a practising medicinal chemist leading both project and medicinal chemistry delivery in multinational and multidisciplinary teams.  In his most recent role as Head of Chemistry at the European Screening Centre Newhouse he was Medicinal Chemistry lead of the European Lead Factory project responsible for over 30 hit to leads programmes.  Prior to this Angus has held leadership roles at Organon, Schering-Plough, MSD, Prosidion and Redx Oncology. During his time in pre-clinical drug discovery he has had broad exposure and experience of working across a diverse range of therapeutic areas and target classes from hit generation to candidate nomination.  Angus has a PhD in Organic Chemistry from Strathclyde University and carried out Postgraduate studies at Cambridge University. He is a co-author on over 30 papers and patents.

Director of Chemistry

Dr Angus Morrison

Angus has over 15 years’ experience as a practising medicinal chemist leading both project and medicinal chemistry delivery in multinational and multidisciplinary teams.  In his most recent role as Head of Chemistry at the European Screening Centre Newhouse he was Medicinal Chemistry lead of the European Lead Factory project responsible for over 30 hit to leads programmes.  Prior to this Angus has held leadership roles at Organon, Schering-Plough, MSD, Prosidion and Redx Oncology. During his time in pre-clinical drug discovery he has had broad exposure and experience of working across a diverse range of therapeutic areas and target classes from hit generation to candidate nomination.  Angus has a PhD in Organic Chemistry from Strathclyde University and carried out Postgraduate studies at Cambridge University. He is a co-author on over 30 papers and patents..

CEO BioCity

Dr Glenn Crocker MBE DPhil

Glenn Crocker is an experienced CEO, company founder, non-executive director and investor in the life sciences sector. He has been CEO of BioCity Group since mid-2003, shortly after it was founded. He has a DPhil in Immunology from Oxford University and qualified as a chartered accountant with EY, focussing on working with biotech companies in Palo Alto, California and Cambridge, UK, where he headed up the UK Biotech practice for EY.

BioCity builds, funds and grows life science companies at its four incubator sites in the UK.

Glenn is a non-executive director of a number of companies and consults on business incubation, start-up creation and cluster growth. He has been directly involved in investing in life science companies through BioCity’s own or managed funds since 2006.

In 2014 Glenn received an MBE for services to the biotechnology industry.

Dr Louis J. Nisbet D.Sc. - Vivanova Ltd

Dr Louis Nisbet

Louis began his career in pharmaceuticals R&D with Roche, Glaxo and SmithKline during which period he achieved international recognition in the discovery of NCEs in infectious diseases. He was one of the UK’s first biotechnology entrepreneurs establishing Xenova and Brax both of which achieved successful exits via IPO and trade sale respectively.

He was the first recipient of the Ernst & Young Biotechnology Entrepreneur of the Year Award. Since 2000 he has been active in investing and building businesses in the private and public equity markets across the health sector. Venture capital investments have been with Kurma Partners, Sitka Partners, Noble Group and Alderley Park Ventures.

He has considerable executive and non-executive Board experience with over 20 quoted and private companies. He has a Ph.D. from Imperial College, London and D.Sc. from the U of Strathclyde.

Chief Commercial Officer

Dr Mike Piper

Mike is an experienced life sciences professional with a track record in sales and marketing strategy, general management, licensing and contract negotiation.  Mike was formerly Head of Sales and Marketing at CXR Biosciences, an investigative toxicology CRO. Following CXR’s acquisition by Concept Life Sciences in 2015 he became Vice President Business Development Safety & Toxicology.  Prior to his time at CXR, Mike worked in business development and licensing at the specialty pharmaceutical company Ardana plc, and held various pharmaceutical industry management consultancy roles at ZS Associates, Deloitte and Arthur Andersen Business Consulting.  Mike has a PhD in genomics from the University of Cambridge, MRC Laboratory of Molecular Biology.

Chief Scientific Officer

Dr Phil Jones

Phil has over 30 years medicinal chemistry and drug discovery experience from Roche, Organon, Schering-Plough, Merck and the University of Dundee including senior roles as Executive Director and Acting Site Head. He was a member of the Research Leadership Council at Schering-Plough. Numerous clinical candidates resulted from groups for which he was responsible. These span a broad range of target families and therapeutic areas. He has led the European Screening Centre team at Biocity Scotland, Newhouse for the past 5 years and this group plays a key role in delivering validated hit series for SMEs and academics through the IMI funded European Lead Factory. Phil’s postgraduate studies were carried out at the University of Manchester and Imperial College. Phil was elected a Fellow of the Royal Society of Chemistry in 2005, he chaired the Medicinal Chemistry interest group of the Royal Society of Chemistry for 8 years, chaired the organising committee of the European Federation of Medicinal Chemistry – International Symposium on Medicinal Chemistry (EFMC-ISMC) in 2016 and sat on the Executive Committee of the EFMC for four years. He is a co-author on over 70 scientific papers and patents.

Chief Scientific Officer

Dr Phil Jones

Phil has over 30 years medicinal chemistry and drug discovery experience from Roche, Organon, Schering-Plough, Merck and the University of Dundee including senior roles as Executive Director and Acting Site Head. He was a member of the Research Leadership Council at Schering-Plough. Numerous clinical candidates resulted from groups for which he was responsible. These span a broad range of target families and therapeutic areas. He has led the European Screening Centre team at Biocity Scotland, Newhouse for the past 5 years and this group plays a key role in delivering validated hit series for SMEs and academics through the IMI funded European Lead Factory. Phil’s postgraduate studies were carried out at the University of Manchester and Imperial College. Phil was elected a Fellow of the Royal Society of Chemistry in 2005, he chaired the Medicinal Chemistry interest group of the Royal Society of Chemistry for 8 years, chaired the organising committee of the European Federation of Medicinal Chemistry – International Symposium on Medicinal Chemistry (EFMC-ISMC) in 2016 and sat on the Executive Committee of the EFMC for four years. He is a co-author on over 70 scientific papers and patents.

Director of Biosciences

Dr Stuart McElroy

With over 12 years working in drug discovery Stuart has extensive experience of developing and trouble-shooting novel screening assays, designing screening cascades, compound screening, hit validation and supporting hit to lead and lead optimisation programs. Throughout the 5 years of the European Lead Factory project he held the position of Head of Biology at the European Screening Centre (ESC), leading a team of bioscientists in prosecuting and triaging the output of over 90 high throughput screens across all major target classes and disease indications. Prior to this Stuart helped establish the Dundee Drug Discovery Unit (DDU) where he spent 7 years as a project and then team leader working across a wide array of novel drug targets and assays. He also had a leading operational role in DDU-Industry partnerships with both large pharma and SMEs.

Director of Biosciences

Dr Stuart McElroy

With over 12 years working in drug discovery Stuart has extensive experience of developing and trouble-shooting novel screening assays, designing screening cascades, compound screening, hit validation and supporting hit to lead and lead optimisation programs. Throughout the 5 years of the European Lead Factory project he held the position of Head of Biology at the European Screening Centre (ESC), leading a team of bioscientists in prosecuting and triaging the output of over 90 high throughput screens across all major target classes and disease indications. Prior to this Stuart helped establish the Dundee Drug Discovery Unit (DDU) where he spent 7 years as a project and then team leader working across a wide array of novel drug targets and assays. He also had a leading operational role in DDU-Industry partnerships with both large pharma and SMEs.

Chief Operating Officer and Co-founder

Dr Sylviane Boucharens

Sylviane has more than 20 years’ experience in scientific research and drug discovery environment. Sylviane has a track record in building and leading outstanding and productive teams into seamless successful enterprises in start-up and medium and large pharma environment. Prior to BioAscent Sylviane was Head of Global Compound repository and in-vitro Screening (Merck Sharp & Dohme, Newhouse Scotland). She was also responsible for managing a portfolio of early Drug Discovery projects in Cardiovascular from Target Identification and validation to Lead Optimisation. Sylviane attained her PhD in Cellular and Molecular Biology from the University Joseph Fourier, Grenoble, France, followed by post-doctoral positions at the INSERM U366 Laboratory, France and University of Manchester, UK under the Wellcome Trust International Fellowship.

Chief Operating Officer and Co-founder

Dr Sylviane Boucharens

Sylviane has more than 20 years’ experience in scientific research and drug discovery environment. Sylviane has a track record in building and leading outstanding and productive teams into seamless successful enterprises in start-up and medium and large pharma environment. Prior to BioAscent Sylviane was Head of Global Compound repository and in-vitro Screening (Merck Sharp & Dohme, Newhouse Scotland). She was also responsible for managing a portfolio of early Drug Discovery projects in Cardiovascular from Target Identification and validation to Lead Optimisation. Sylviane attained her PhD in Cellular and Molecular Biology from the University Joseph Fourier, Grenoble, France, followed by post-doctoral positions at the INSERM U366 Laboratory, France and University of Manchester, UK under the Wellcome Trust International Fellowship.

Chief Operating Officer and Co-founder

Dr Sylviane Boucharens

Sylviane has more than 20 years’ experience in scientific research and drug discovery environment. Sylviane has a track record in building and leading outstanding and productive teams into seamless successful enterprises in start-up and medium and large pharma environment. Prior to BioAscent Sylviane was Head of Global Compound repository and in-vitro Screening (Merck Sharp & Dohme, Newhouse Scotland). She was also responsible for managing a portfolio of early Drug Discovery projects in Cardiovascular from Target Identification and validation to Lead Optimisation. Sylviane attained her PhD in Cellular and Molecular Biology from the University Joseph Fourier, Grenoble, France, followed by post-doctoral positions at the INSERM U366 Laboratory, France and University of Manchester, UK under the Wellcome Trust International Fellowship.

Ian McDonald

Ian is a Chartered Accountant and an experienced Finance Director/Chief Financial Officer with a successful track record gained in SMEs and PLCs in the manufacturing and customer service industries - particularly within life sciences, pharmaceuticals and FMCG.  

Ian has successful record of achievement as a CFO within Private Equity backed businesses with credibility gained from developing positive and effective relationships with stakeholders, and successful participation in exits with a proven track record in securing funding for growth from both public sector finance providers as well as institutional finance providers. 

Ian’s career is varied having worked primarily in the UK but with extensive overseas travel. As well as heading up a number of large finance teams Ian’s experience extends to successfully evaluating  and commercially shaping high value projects including worldwide ERP system implementations as well as mergers and acquisition experience.

Chief Executive Officer

Paul Smith

An experienced Senior Executive with both General Management and Business Development experience in the pharmaceutical/CRO arena. Paul has an understanding of the drug development process from discovery to clinical research gained through more than 29 years in the CRO/pharmaceutical sector. A strategic thinker and management professional with experience gained in both small and large companies and with recent start-up experience including leading  funding discussions with VCs and other corporate finance groups. Paul recently turned around and sold CXR Biosciences to Concept Lifesciences in late 2015. Elected Fellow of the Royal Society of Biology, 2013.

Chief Executive Officer

Paul Smith

An experienced Senior Executive with both General Management and Business Development experience in the pharmaceutical/CRO arena. Paul has an understanding of the drug development process from discovery to clinical research gained through more than 29 years in the CRO/pharmaceutical sector. A strategic thinker and management professional with experience gained in both small and large companies and with recent start-up experience including leading  funding discussions with VCs and other corporate finance groups. Paul recently turned around and sold CXR Biosciences to Concept Lifesciences in late 2015. Elected Fellow of the Royal Society of Biology, 2013.