In December 2020, Osborne Clarke advised Science Creates Ventures on the launch of Science Creates Ventures EIS Fund 1 (SCV), a new early-stage deep tech investment fund that focuses on technologies with the potential to improve healthcare, quality of life, and the environment. SCV is supported and backed by successful Bristol-based entrepreneurs behind some of the South West’s biggest deep tech exits, including Dr Harry Destecroix who, in 2018, sold his company Ziylo in a deal potentially worth £623 million.
Osborne Clarke is pleased to announce that it has now advised SCV on its seed investment into University of Bristol spin-out CytoSeek, SCV's first investment since announcing the launch of the fund. CytoSeek is a discovery stage biotech company established to develop next generation cell therapies using artificial membrane-binding protein technology. The start-up has raised £3.5m (led by SCV) and is seeking to get its technology to cancer patients who are currently underserved by existing treatments.
Dr Carolyn Porter, CEO at CytoSeek, says: “This funding round led by SCV will enable us to succeed in scaling up our R&D efforts and advance our mission to develop next-generation cancer cell therapies. Our ambition is to get our technology into cancer patients who are currently underserved by existing treatments and work with partners to make their cell therapies better.”
SCV has been working closely with CytoSeek since its inception and led a syndicate of new investors that included Parkwalk Advisors, Meltwind, Luminous Ventures and several angel investors in this funding round.
Dr Harry Destecroix, Co-Founder of Science Creates Ventures, says: "We have really enjoyed working with Osborne Clarke on the set up of Science Creates Ventures and this, our first investment. Both Helen Parsonage on the fund formation side and Matt Edwards who has advised us on our investment in Cytoseek, have been responsive and commercial, and invaluable partners in guiding us through all the processes. We look forward to working with them as we invest the rest of our first fund and on raising more money in the next few years."
The Osborne Clarke team on the CytoSeek investment was led by Partner Matthew Edwards. Partner Helen Parsonage led on the fund formation, assisted by Partner Erika Jupe on tax.
Osborne Clarke is a leading European law firm for companies operating in the life science and healthcare sector. Its sector team has a strong track record of providing highly sophisticated advice to investors and life science and healthcare clients on cutting-edge issues, across multiple service lines. They work with blue chip venture capital firms, the biggest pharma, medical devices, medtech and digital health companies in the market.
