In September 2015, Aurum Biosciences Ltd raised approximately $4.5m (£3m) in a combination of equity and convertible loan funds from investors in UK and USA. The investors include Tricap Ltd based in Melrose (Scotland), Scottish Investment Bank and Wellcome Trust. Management also contributed significantly to the investment. Considerable investment had previously been made to develop the company’s lead product and technology.
Simultaneously with the recent investment, Aurum also signed a major research, development and commercialisation deal with its US partner, Tenax Therapeutics, to develop Oxycyte, initially in the lead stroke indication. Tenax has granted Aurum full rights to develop and commercialise the product. Under the terms of this deal, the companies will share the benefits in stroke.
AURUM Biosciences Ltd is a clinical stage biopharmaceutical company developing novel oxygen carriers and proprietary software for use with MRI, initially for Acute Ischaemic Stroke (AIS), as well as a pipeline of other products. Target indications include heart disease, cancer, epilepsy, and dementia. Aurum has taken the lead stroke management product (referred to as “GOLD”) through preclinical development and is currently planning clinical studies of efficacy and safety. Headed by a team of experts in the field and working closely with our partners at the University of Glasgow and NHS Greater Glasgow and Clyde, Aurum Biosciences expects its pipeline of products to bring significant life saving benefits in the areas of stroke, cardiology, oncology and neuro-degenerative diseases.
The AIS market alone was valued at $19.2 billion in 2013 and is forecast to reach $28.3 billion by 2019 [BCC Research]. There were almost 17 million first time strokes worldwide in 2010 with stroke being the second most common cause of death in the world [State of Nation -Stroke Statistics 2015]. In the US alone in 2012, the total direct cost of stroke was estimated at $71.55 billion and is forecast to rise to $183.13 billion by 2030.
Aurum Biosciences Ltd owns or has licenced the following patents for use with its GOLD technology:
- Method of Imaging Metabolic Function. US Patent Number 9144392. Granted: 29th September 2015
- Method of Treating Traumatic Brain injury. EU Patent Number 2309849. Granted: 2nd September 2015