New blood
Award-winning success
in securing investment
It was only formed in 2018, but between 2019 and the present day, University of Leeds spin-out company LUNAC Therapeutics has generated over £13m of funding and been shortlisted for four best start-up awards, of which it has won three. But how did it get there? And what wisdom can it share with other academics looking to commercialise their research?
Professor Helen Philippou and Dr Richard Foster are founders of LUNAC (Leeds University Next-Generation AntiCoagulant) Therapeutics, a collaboration between the Schools of Medicine and Chemistry.
The company is focused on developing the “holy grail” of anticoagulant treatments – providing high protection against clotting without the risk of significant bleeding.
From concept to commercialisation
The underpinning academic research began in 2007, when Professor Philippou came across a game-changing study on blood coagulation in mice. It hinted at the exciting possibility of blood clot prevention treatment that did not cause a risk of bleeding in patients – something modern medicine had yet to master. She connected with colleague Dr Foster in the School of Chemistry and they began their work.
Trying to secure investor funds is very different to applying for grants. We needed to learn how to attract those funds, what investors expect, and how to organise a company.
“We secured proof of concept funds from the University at first” explains Professor Philippou, “then external funds from the Medical Research Council Development Pathway Funding Scheme, which allowed us to develop the series of compounds.”
“Next, we secured British Heart Foundation funding, then Wellcome Trust Seeding Drug Discovery Initiative funding. But after that, we had exhausted all our potential translational funding options. We needed to spin out to continue to pursue what we were doing.”
Spinning out
Taking it to the next level was a huge step, and one that was supported by the University’s Research and Innovation team, particularly Andy Duley (Director of Commercialisation).
“It was exciting,” says Professor Philippou, “but it was a challenge, and very different to an academic research project. Trying to secure investor funds is very different to applying for grants. We needed to learn how to attract those funds, what investors expect, and how to organise a company – from setting up a website to putting together contracts.”
“There was a lot to do, and it needed to be a team effort. “We all worked together. We had regular operational meetings and our investor helped us a lot, particularly with understanding the legal side.”
LUNAC has since appointed a CEO and established a board, with Dr Sarah Jarmin (Senior IP and Commercialisation Manager) representing the University’s interests.
Moving forward together
Since its establishment as a private company, LUNAC has successfully secured funding from Innovate UK (£3.4m) and from Life Science Investors (£10.1m). These vital funds have supported LUNAC activities, including a large amount of work out-sourced to the University of Leeds (supporting biology led by Professor Philippou and chemistry led by Dr Richard Foster) in pursuit of the next major goal – the development of an oral drug.
Effective collaboration within the University, our management team and our Contract Research Organisations (CROs) has been the thread that runs through LUNAC’s successful story so far.
As well as excellent support from the Research and Innovation team, Professor Philippou commends the hard work of the many post-docs and researchers they have worked with over the years – in particular, those that were there at the beginning of the journey, Dr Majid Ali and Dr Emma Hethershaw on the biology side, and Dr Charlotte Revill on the chemistry side.
All three Post-Doctoral Research Assistants and others, too many to mention, have given years to this research, which is slowly getting closer to being in the hands of patients.
This determined focus on the end goal is the engine that keeps driving LUNAC forward, surely playing a part in the successful spin-out and recognition the company has received so far.
Fittingly, it’s an approach that’s reflected in Professor Philippou’s advice to other academic researchers looking to commercialise their research.
“Be tenacious,” she says. “It’s not an easy path, but it’s worth it.”
About LUNAC Therapeutics
LUNAC Therapeutics is a spin-out company from the University of Leeds, founded and supported by world-leading experts in blood coagulation.
In the last year it has won the Bionow Start-Up of the Year award, and Medilink Start-Up of the Year awards at both regional and national level.
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