Wales-based Awen Oncology, a cancer therapeutics company founded on collaborative research from Bangor and Cardiff universities, has announced that it has secured funds from a number of sources, worth "seven figures," which will allow it to accelerate its research programme and support future growth.
The funding round was led by biotech investor Dr Urs Spitz, alongside additional funding mechanisms.
The company said that the investment will create additional high-value jobs and enable it to advance key scientific milestones and bring a primary therapeutic programme closer to the clinic.
As part of the investment, Dr Spitz will join the company board, bringing extensive international experience in building and scaling biotechnology businesses. His involvement is expected to play a crucial role in guiding the company through its next phase of growth and positioning it for future investment and clinical entry.
The funding will support the creation of PhD-level scientific positions, which Awen Oncology said will "strengthen Wales' growing life sciences sector" and help develop high-value local jobs.
The scientific discoveries that led to the formation of the company are based on academic research supported by organisations such as Cancer Research Wales, a key supporter of fundamental research in Wales aimed at alleviating the suffering of cancer patients and their families.
Dr Ramsay McFarlane, CEO and co-founder of Awen Oncology, said: "Securing this new investment marks a very important step forward for Awen Oncology as we continue to develop our therapeutic pipelines."
The funding allows us to achieve critical scientific milestones while also strengthening our team with highly skilled talent here in Wales.
"Importantly, this is about more than just scientific progress. The therapies we are developing have the potential to make a real difference to patients.
Our lead programme is targeting a rare form of bone cancer, where there is a significant unmet clinical need, with potential applications across more common cancers.
"Ultimately, our goal is to bring forward treatments that can improve and potentially save lives."
Dr Spitz, biotech investor and new board member, added: "Awen Oncology represents a compelling opportunity at the intersection of cutting-edge science and meaningful patient impact."
"The team has built a strong scientific foundation and I look forward to supporting the team as it advances towards its next stage of development."
This investment reflects both the quality of the innovation emerging from Wales and the global potential of the company’s therapeutic approach.
Dr Lee Campbell, Head of Research at Cancer Research Wales, said: "As the Welsh cancer research charity and a leading funder of cancer research here in Wales, we are proud to have been the catalyst for this important research in North Wales — a journey that began more than 15 years ago."
"It is pleasing to see Welsh cancer research make its mark with the potential to offer real-world solutions for cancer patients everywhere."