Greenshoots: Cumulus Oncology eyes further growth as US office is set to open this year
Edinburgh-headquartered Cumulus Oncology, Europe’s first oncology drug discovery accelerator, is eyeing global alliances, VC partnerships and a US office opening in 2021, with CEO and co-founder Clare Wareing seeing additional growth opportunities in Europe and Asia.
The company is also looking to add two more newco subsidiaries as well as further senior team appointments.
Cumulus was founded in 2017 to create spin-out companies around novel anti-cancer therapies that are fast-tracked through development and target cancers that don’t respond well to existing treatments. Cumulus secured a £1.7 million investment round led by Eos Advisory last July and in September founded its first spin-out, Modulus Oncology, alongside the University of Sheffield.
Cumulus grew its headcount to 20 last year when the company also appointed a high profile advisory board - with Mohamed (Raz) Dewji, Chris Brinsmead CBE, Ian Waddell and Nicola Broughton now supporting further asset acquisitions and future investment strategies.
Clare Wareing, co-founder and CEO, Cumulus Oncology, said: “We now have an incredible team in place and we’re collectively focused on developing and commercialising cancer therapies, while scaling the company from a base in Scotland. The business model at Cumulus enables us to keep pace with emerging scientific insights in the cancer research field. We are not one biotech based on a scientific discovery at a point in time, but a company that continually creates new biotechs in response to emerging scientific discoveries.”
Alan Wise, co-founder and chair, Cumulus Oncology, added: “We are actively engaged in discussions with a number of international cancer drug discovery organisations and investment partners and look forward to sharing key milestones for Cumulus and the companies we create and manage in due course.”