Burges Salmon has advised Europe's first oncology drug discovery accelerator, Cumulus Oncology, in connection with its inaugural investment fundraise of £1.7 million. St Andrews-based investment firm Eos Advisory led the investment round, supported by the Scottish Investment Bank, the investment arm of Scottish Enterprise, Alba Equity, Apollo and Investing Women.
Founded in 2017, Cumulus creates spin-out companies developing anti-cancer therapies and fast-tracking treatments into clinical trials for cancer types that don't respond well to existing procedures. The Eos-led round, which marks one of the investment firm's largest deals to date, enables Cumulus to continue to scale its business model at pace and take advantage of what the company describes as "significant market opportunities in Europe".
The Burges Salmon team that advised Cumulus was led by Edinburgh-based Corporate Finance partner Danny Lee and associate solicitor Katie Carter.
Danny says: “In what looks to be an exciting first milestone for the future development of oncology based therapies in UK and Europe, we were thrilled to have been able to assist the Cumulus team in a ‘lockdown transaction’ and expand the firm’s rapidly growing focus in the Life Sciences sector.”
Clare Wareing, Cumulus Oncology founder and CEO, adds: “Danny and his team at Burges Salmon provided excellent support and guidance at every stage of this transaction, being responsive and effective in their role. We are extremely grateful for their insights, pragmatic approach and skill in negotiation.”