The Bank’s investment in Elasmogen will allow the company to continue to develop its biologics drug discovery platform focused on oncology, autoimmune and inflammatory diseases that has the potential to significantly improve the health of people in Scotland as well as globally.
The investment supports the Bank's mission to invest in innovation and industries of the future for a healthier, more resilient and productive population.
The Bank’s funding will also help to position Scotland at the forefront of drug discovery and life sciences, supporting the biologics cluster in Aberdeen and creating highly skilled jobs.
Aberdeen-based Elasmogen is developing a pipeline of next-generation therapeutic drugs.
Elasmogen is focused on the development of biologics as drugs characterised by its innovative soloMER technology which allows small, simple, and stable formats that can target cancerous cells with high accuracy and affinity.
Simon Comer, Investment Director Scottish National Investment Bank said: “Elasmogen’s next-generation biologics for inflammatory, autoimmune diseases and oncology have the potential to significantly improve the health of people in Scotland as well as globally.”
Dr Caroline Barelle, co-founder and CEO of Elasmogen, said: “Securing this investment is truly transformational for Elasmogen and will enable us to progress our first soloMER drugs into the clinic as well as bolster and advance our exciting product pipeline.
“This success story is testament not just to the potential of our technology platform but absolutely by the quality, commitment and drive of the Elasmogen team as a whole.
“With the opening of the new BioHub here in Aberdeen later this year, an initiative led by Opportunity North East, combined with this investment and the quality of our new and existing investors, the company is well positioned to make a significant impact in the therapeutic biologics arena.”