Did you miss me? — Well, I did. After an involuntary hiatus at the beginning of the summer, I am now back on my feet. In the last few months, I have made a couple of changes to Cambridge Biocapital, which I will inform you about gamely. For now, I will save you from the TLDR. The changes include small things like switching the platform I use to send this newsletter and establishing partnerships that will hopefully be relevant for Cambridge Biocapital readers. I want to thank all of you who have reached out asking if everything was going well and letting me know that you were looking forward to Biocapital's return. I know many of you have recommended this newsletter to colleagues — welcome to all of you. It is quite telling that the number of subscribers has almost doubled while things have been quiet. Bloody funny (thanks, friends). Okay, let's crack on.

The University of Cambridge has launched a new initiative called Founders to boost the creation and, importantly, scale-up of technology. The program will be led by Gerard Grech, the former CEO of Tech Nation. Not leaving Cambridge just yet, Professor Paul Dupree has been awarded a £1 million Innovate UK grant with his co-founded startup, The Supplant Company. The Innovate Cambridge Summit has unveiled its new strategy, and last but not least, Cambridge and the University of Manchester have launched a new cross-UK innovation cluster to boost growth. These are quite a few exciting initiatives, and we will report on the results too. N Ireland-based Cirdan has raised £2.3 million, and London-based AstronauTx has raised $61 million in Series A funding to develop small molecules that improve the function of astrocytes. Also, it seems Illumina will end up divesting from Grail. The Treasury-backed review of the UK's university spinout ecosystem is late for the tea. Hopefully, it will be with us before the Autumn Budget, as long as it's not planning to come using H2S. In the meantime, the UK government has launched the Research Ventures Catalyst (RVC) program, offering up to £50 million of government investment, industry, and philanthropic backing to pilot new joint funding research models in the UK. The Wellcome Sanger Institute has launched the Generative and Synthetic Genomics Programme, aiming to understand and predict the effects of editing DNA, as well as engineering novel biological systems. Talking about cutting-edge work, five decades ago, The Academy of Ancient Music redefined the way we listen to Handel, which is a hell of a lot to redefine, and will soon be celebrating like it is 1749. But if you prefer tango and Betty Blue, your friendly newsletter has got you covered too. Let's dive in!

London-based AstronauTx has raised $61 million Series A.

• The investment was led by the Novartis Venture Fund and participated by includes MPM Capital, Brandon Capital, EQT Life Sciences, Bristol Myers Squibb and current investor the SV Health Investors-managed Dementia Discovery Fund.
• AstronauTx was founded in 2019 with seed funding from the UCL Technology Fund and the UK Future Fund.
• The company aims to discover novel small-molecule drugs to correct the disrupted physiology of the brain, partly through improving the support function of astrocytes, the most abundant cell type in the brain.
• The proceeding of the round will be used to develop new treatments for Alzheimer's disease and other neurodegenerative disorders. The startup aims to develop treatments with both symptomatic and disease-modifying benefits.

Professor Paul Dupree has been awarded a £1 million Innovate UK grant with The Supplant Company to support the development of Supplant ingredients.

• The grant will strengthen the collaboration between The Supplant Company and Dupree's group at the University of Cambridge, aiming to create healthier alternatives to sugar using renewable resources.
• The ingredients have the potential to address sustainability, environmental impact, food security, and health issues in the food industry.
• The Supplant Company's 'From Fibre' ingredient platform aims to create healthier alternatives to sugar and flour using renewable resources.
• The CEO, Tom Simmons, previously worked with Prof Paul Dupree, and they founded the company together in 2017.

N Ireland-based Cirdan has raised £2.3 million investment.

• The fundraising was led by Kernel Capital through the Bank of Ireland Kernel Capital Growth Fund and participated by other investors including Clarendon Fund Managers and high net worth private investors.
• Cirdan develops digital tools for pathology clinics, including specimen imaging and laboratory information systems. Its platform is used in over 150 laboratories and hospitals across 20 countries.
• The investment will support Cirdan's growth, expand operations, create up to 25 new jobs and capitalise on the shift towards digital pathology.
• The startup was founded in 2010 and has operations in North America and Australia.

Alderley Park-based Cellsway has raised 1.2 million seed round.

• The funding was led by APY Ventures with a commitment of €200,000, along with €1 million from the European Union and TUBITAK, the Scientific and Technological Research Council of Turkey.
• The company provides a liquid biopsy platform for cancer diagnostics and research. This platform utilises a simple blood sample to isolate and enumerate Circulating Tumor Cells (CTCs) from the blood samples of cancer patients.
• Cellsway was founded in 2015 and focuses on serving the healthcare sector, specifically in the field of cancer management and research.

Oxford-based Brainomix and Switzerland-based Nanoflex Robotics have been awarded a £400,000 plus CHF 400,000 to collaborate on an AI-assisted robotic system for remote stroke intervention.

• The funding has been granted under the "**UK – Switzerland Bilateral: Collaborative R&**D" program
• The project aims to develop an integrated remote diagnosis and treatment platform for stroke, utilizing Brainomix's AI-enabled diagnostic imaging capabilities and Nanoflex Robotics' magnetic navigation technology.
• The goal is to enable remote thrombectomy and improve outcomes for stroke patients. Nanoflex Robotics will also develop a mobile robotics system with precise control for complex interventions.
• The collaboration aims to create a magnetic navigation system for robotic surgical tools, utilizing Brainomix's AI-based diagnostic imaging capabilities and Nanoflex Robotics' precise magnetic navigation technology. This partnership will develop an assisted-navigation feature for interventional devices, enhancing their accuracy and precision.

Vancouver-based Mydecine Innovations Group Inc. has announced admission to trading on the AQSE Growth Market in London.

• Mydecine is currently listed in (NEO:MYCO) (AQSE: MYIG) (OTC: MYCOF) (FSE: 0NFA).
• The company is focused on developing and commercialising innovative solutions for mental health, with a particular emphasis on addiction and PTSD.
• Mydecine is currently collaborating with its pre-clinical team at the University of Alberta to advance these molecules through the Investigational New Drug enabling stage. The goal is to initiate human clinical studies in 2024.

London-based Celadon Pharmaceuticals PLC has raised £1 million through a placing and subscription of shares.

• The company is focused on the development, production and sale of breakthrough psychoactive drug-based medicines
• The proceeds will provide the company with additional working capital and support the expansion of its production facility.

London-based Theramex [has entered](https://www.businesswire.com/news/home/20231002698068/en/Theramex-Announces-Agreement-to-Acquire-the-European-Rights-to-Duphaston®-and-Femoston®-From-Viatris-Inc.) into an agreement with Hatfield-based Viatris to acquire the European rights to Duphaston (dydrogesterone) and Femoston (estradiol + dydrogesterone).

• The transaction is subject to customary regulatory and anti-trust approvals, and the financial details of the deal were not disclosed.
• This agreement is part of Viatris' $3.37 billion divestiture plan to focus on core areas and reduce debt. Viatris will retain the rights to the compounds in Australia and Japan.
• Dydrogesterone, a progesterone receptor agonist, and estradiol, an estrogen receptor agonist, combined with dydrogesterone, are used for the treatment of women's health issues, including menstrual disorders and hormone replacement therapy.

Cambridge-headquartered Cambridge Cognition Holdings PLC (AIM:COG) has secured a £1 million contract to support a later-stage clinical trial.

• The revenue from the deal will be recognised over the next two years, and there is potential for a larger contract with the same customer in the future.
• The company will utilise its CANTAB touch-screen cognitive and verbal assessments, acquired through Winterlight Labs, for the first time as part of this contract.
• In addition, it will supply its electronic clinical outcome assessments and provide full training for clinicians, together with quality control services.

Cambridge-headquartered Sareum Holdings (LON:SAR)  has announced its audited financial results and secured financing for its lead programme, SDC-1801.

• SDC-1801 is a potential treatment for autoimmune diseases. It is currently in Phase 1a clinical trials for psoriasis, with a Phase 1b study planned for 2024.
• The company reported a loss of £3.2 million in the first half of the year. The company has secured a £5 million Equity Prepayment Facility and expected tax incentives of £1.6 million to support ongoing clinical development.
• Sareum also reported progress in translational studies for its cancer immunotherapy candidate, SDC-1802, and developments concerning SRA737, a cancer therapeutic.
• Furthermore, the US Patent and Trademark Office recently awarded a patent for SDC-1802, expanding its authorised application to include areas beyond immuno-oncology and the treatment of autoimmune disorders.

Barclays Eagle Labs is expanding its presence by opening new offices in London and Birmingham.

• These offices provide working spaces and banking services specifically tailored for entrepreneurs.
• The new locations in London and Birmingham are launched in partnership with x+why, bringing the total number of physical Eagle Labs spaces in the UK to 31.
• The London office will be situated in Chiswick Works, making it the first physical location of Barclays Eagle Labs in the capital.
• In January, Barclays Eagle Labs was awarded £6 million per year from the government's Digital Growth Grant. This funding was previously allocated to Tech Nation, which has now ceased operations but is set to relaunch next week under the ownership of Founders Forum.

Parkwalk's Knowledge Intensive EIS Fund III is launching soon.

• Fund III will focus on innovative, high-growth, knowledge-intensive businesses from UK universities.
• It will invest in sectors such as AI, Life Sciences, Digital Health, Quantum Computing, Cleantech, Hardware, and Future Mobility.

Durham County Council and North of Tyne Combined Authority have provided £4.75 million in funding through the UK Shared Prosperity Fund (UKSPF) to support business growth in the North East of England.

• Led by Durham University, the In-TUNE Program aims to boost productivity, pay, jobs, and living standards by growing the private sector and supporting academic entrepreneurs in commercialising their research.
• The funding will expand Newcastle University’s flagship business support programme, Arrow, and the Northern Accelerator program, which has already created 47 spinout businesses and is forecasted to add £140 million to the region's economy by 2030.
• Other universities in the program are Newcastle, Northumbria, Sunderland, Teesside and York.

A consortium co-led by Oxford University Innovation and LSE Innovation has secured £1.5 million funding to support social ventures in the UK.

• The funding comes via UK Research and Innovation’s (UKRI) Connecting Capability Fund and aims to strengthen and accelerate the trajectory of university social ventures, which currently contribute £60 billion to the economy and have created two million jobs.
• The consortium, to be rebranded as Impact U, will distribute Pathfinder Awards, curate a knowledge-sharing and training ecosystem, and construct a holistic hub for social ventures.
• Impact U will aim to address the need for interventions and technologies in diverse settings and nurture an equitable and sustainable future for the social venture ecosystem.

The Oxford Impact Report 2023 has highlighted the significant contributions of Oxford University's research and innovation activities.

• It includes the creation of 20 new companies, securing £698.8 million in venture investment, and generating £3.4 billion of economic impact per annum.
• Oxford Sciences Enterprises (OSE) has invested £600m into Oxford companies, significantly contributing to the £6.3 billion invested in Oxford companies since 2011.
• Since OSE’s creation in 2015, over half of Oxford’s 300 companies have been created, rising from an average company formation rate of 4 or 5 per year to 20 per annum.

The UK Research and Innovation (UKRI) is offering £15 million funding to establish an Alternative Proteins Innovation and Knowledge Centre (IKC), starting from 2024.

• The IKC will aims to support research and innovation in sustainable alternative proteins, focusing on areas such as cultivated meat, fermentation systems, plant-based proteins, aquaculture, and new food production systems.
• The IKC will promote collaborative research partnerships between businesses and academic researchers, with a focus on addressing research and innovation challenges in ingredients/feedstocks, production/processing, final product development, and best practices.
• This model aims to accelerate the commercialisation of emerging technologies and establish internationally competitive research capability.
• Applications for funding will open in autumn 2023.

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The University of Cambridge has launched a new initiative called Founders at Cambridge to boost the creation and scale-up of technology and science-driven companies.

• The program aims to accelerate the progress of company creators and solidify the university's position as a leading center for research commercialisation.
• The initiative will provide accelerator programs, expert help, mentoring, and financial support through convertible loan notes.
• The University of Cambridge and Cambridge Enterprise are financially backing the initiative to become a main startup rival to US universities MIT and Stanford.
• The focus will be on ventures that can deliver social and environmental benefits, addressing issues such as the climate crisis and healthcare demand.
• The university has a strong track record of producing founders and unicorns, and this initiative aims to further capitalise on research and innovation.
• The University of Cambridge has appointed Gerard Grech, former CEO of Tech Nation, to lead Founders.
• Grech also serves as a member of the governing board of Innovate UK, the government's innovation agency. While at Tech Nation, the organisation collaborated with more than 1300 digital companies to facilitate their growth, including a significant portion of the UK's tech unicorns.

The Treasury-backed review of the UK's university spinout ecosystem has been delayed from its expected end-of-summer publication date.

• Led by figures from academia and venture capital, the review is now targeting publication before the Autumn Budget on 22 November.
• It will compare approaches and timelines for spinout commercialisation in the UK and the US.
• University spinouts play a vital role in the UK's tech sector, with investment in these companies increasing to £5 billion in 2021.
• The review will also focus on equity and intellectual property issues, as some investors have raised concerns about universities taking large stakes in spinouts, potentially deterring external investment.

The UK government is investing £30 million in innovative medical technology to help alleviate pressures on the NHS this winter.

• This funding will support the expansion of virtual wards, wearable medical devices, and diagnostic tests using 3D and imaging technology.
• The aim is to cut waiting lists, speed up diagnoses, and improve patient care. Integrated care systems can bid for funding to implement these technologies in their regions.
• The investment is an expansion of the £21 million fund dedicated to enhancing the availability of cutting-edge AI technology for the prompt diagnosis and treatment of patients.

The UK Government has announced a new fund to boost science and tech research, aiming to create an agile funding engine with UK Research and Innovation, Innovate UK, and the Department for Science, Innovation and Technology.

• The Research Ventures Catalyst (RVC) program is open for initial proposals, offering up to £50 million of government investment, industry and philanthropic backing to pilot new joint funding research models in the UK.
• RVC is initially inviting bids for up to £100,000 of ‘seed corn’ funding.
• The initiative build on the successfully negotiating re-entry into Horizon and the need to modernise UK R&D funding.

The British Business Bank has published the Nations and Regions Tracker 2023 providing insights into UK small business finances.

• Key findings show a decline in external finance use in 2022 but signs of recovery in 2023, with London dominating the equity ecosystem.
• In 2022, Nations and regions outside of London recorded their first year-on-year decline in the number of deals since 2011 (-10%), with the total investment value in these areas also falling (-11%).
• Academic spinouts make up 23% of Technology/IP-related deals across the science clusters, but their share of deal activity is even greater in a variety of innovative sectors such as materials technology and nanotechnology. Academic spinouts received 12% of total equity investment in 2022.
• Only the South West, Yorkshire and The Humber, and Wales saw an increase in deal numbers compared to 2021.

A new strategy to boost innovation in Cambridge was unveiled at the Innovate Cambridge Summit.

• With input from over 200 organisations, the strategy aims to maintain Cambridge's position as a global innovation hub and address challenges such as health inequalities and housing affordability.
• The University of Cambridge is also the number one university in the world for producing successful tech founders, ahead of Harvard and MIT, with over 500 alumni founders raising more than $10 million in funding.
• The strategy focuses on three goals: enhancing the innovation ecosystem, providing value to the local community, and forming partnerships for social and economic benefits.
• The initiative is led by Tabitha Goldstaub and backed by Cambridge Enterprise, Cambridge Innovation Capitaland the University of Cambridge, with support from AstraZeneca, Microsoft, ARM, Darktrace, Cambridge City Council, and Cambridgeshire and Peterborough Combined Authority.

The University of Cambridge and the University of Manchester have launched a new cross-UK innovation cluster to boost growth.

• This partnership aims to leverage the strengths of both cities, including their academic institutions and science and tech assets, to create a more inclusive model of innovation.
• The collaboration is supported by the mayors of Greater Manchester and Cambridgeshire & Peterborough and aligns with the UK government's ambitions for science and tech.
• The partnership will establish physical hubs in both cities and work on attracting joint inward investment and co-location opportunities.

Cambridge-based Wellcome Sanger Institute has launched the Generative and Synthetic Genomics Programme, which aims to understand and predict the effects of editing DNA and engineer biological systems.

• The programme will use computational models, machine learning, and artificial intelligence to make predictions in molecular biology.
• It will also develop technologies for writing and editing genomes at scale and speed.
• The goal is to lay the foundations for predictive and programmable molecular biology and have a transformative impact on medicine, agriculture, and biotechnology.

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Cambridge-based Owlstone Medical has recruited the first patient for its EVOLUTION Phase 2 clinical trial.

• Phase 1 of the EVOLUTION1 study demonstrated excellent safety and tolerability of the probe. It also provided guidance on the optimal dose and sampling time. Additionally, it showed in-human proof of mechanism for the release of D5-ethanol on breath following probe administration in the presence of lung cancers as early as stage 12.
• Previous studies have shown that D5-ethanol can be detected on breath in human cancer xenografted mice. Additionally, these studies have confirmed the presence of extracellular β-glucuronidase in tissue samples from early-stage human lung cancers.
• The trial will assess the diagnostic accuracy of the test and optimize its performance.
• Owlstone aims to develop a breath test for the early detection of lung cancer through the screening of high-risk asymptomatic individuals.
• Lung cancer is a leading cause of death globally, with 2.2 million new cases in 2020 and is a leading cause of death (1.8 million globally in 2020), and early detection can significantly improve survival rates.

Essex-based Advanced Bacterial Sciences (ABS) has launched Struvite Remover to offer a safer, more efficient, and cost-effective solution for removing struvite build-up in the Anaerobic Digestion (AD) industry.

• The product dissolves struvite build-up in less than four hours and can convert the waste generated during the process into a resource that can be fed back into the AD plant, eliminating the need for costly waste disposal.
• ABS aims to minimise manual intervention and reduce the risk of accidents associated with traditional struvite removal methods.
• The product has the potential to significantly cut operational costs and extend the lifespan of equipment in AD plants.

DLOC Biosystems has chosen to Discovery Park in Kent as the location for its new biology facility.

• The company aims to develop its organ-on-a-chip technology and provide assay testing services to pharmaceutical companies.
• The move to Discovery Park offers access to high-spec lab facilities, a supportive business environment, and opportunities for collaboration and expansion.
• DLOC's technology has the potential to reduce and replace animal testing in drug development.

Manchester-based APIS Assay Technologies Ltd and Belgium-based Biocartis Group NV have expanded their partnership to commercialize the APIS ESR1 Mutations Kit.

• The kit detects mutations in the estrogen receptor gene for breast cancer patients.
• Biocartis will distribute the kit through its global commercial network, providing a comprehensive menu of products in the breast cancer domain.
• The collaboration aims to enhance disease monitoring and explore the development of a fully automated version of the kit.

The American Chemical Society (ACS) has awarded Astex Pharamceuticals’ Chief Scientific Officer (CSO), David Rees PhD, FMedSci, FRSC the Hero of Chemistry for his work on Bridion® (sugammadex).

• The award recognizes significant advancements in improving health and the environment. David's concept of using chemical chelation to reverse anesthesia led to the discovery of Bridion®.
• He has also been associated with the discovery of other launched drugs, Kisqali® and Balversa®.
• This award adds to his previous accolades, including induction into the RSC BMCS Hall of Fame.

AstraZeneca's chairman, Michel Demare, has been tasked with finding a replacement for Chief Executive Pascal Soriot, who has permanently relocated to Australia.

• No formal succession plan is in place, but the board aims to develop a strategy before making a formal announcement.
• Soriot's departure could impact AstraZeneca's share price, given his successful track record.
• Internal candidates being considered for the role include David Fredrickson, head of the key Oncology business, BioPharma boss Ruud Dobber and Chief Financial Officer Aradhana Sarin.

Kvantify, a Danish quantum and high-performance computing business, has expanded to the UK with the appointment of an in-house drug-discovery team.

• The team in the UK will focus on using physical simulations and machine learning methods to accelerate drug discovery.
• Additionally, Kvantify is launching a collaboration with King's College London's Chemistry Department and Professor Martin Ulmschneider’s group. The aim is to develop novel drug discovery methods suitable for quantum computing.
• The company's goal is to advance its FAST-VQE quantum algorithm, which is a crucial step in shifting chemical and pharmaceutical research and development from physical labs to computers.
• The drug discovery team is participated by former Benevolent AI employees, including Michael Carter, head of drug discovery, Giulio Mattedi, cheminformatics specialist, and Daniela Dolciami, senior computational chemist, among others.
• Earlier this year, Kvantify was awarded a $5.7 million EIC Accelerator Grant.

London-headquartered Shield Therapeutics PLC (LON:STX)'s Chief Financial Officer, Hans-Peter Rudolf, will be leaving the company to pursue other opportunities.

• The stock price has seen a 29% decline in the past 12 months.
• The company controller, Paul Spoors, will temporarily assume the CFO role while an executive search firm is engaged to find a new CFO.
• The company is addressing iron deficiency with its products Accrufer®/Feraccru®. Accrufer® is launched in the US, while Feraccru® is commercialized in the UK, European Union, Australia, and New Zealand.

Southampton-headquartered Synairgen PLC (LSE: SNG) has appointed Joseph Colliver as Chief Financial Officer.

• Colliver brings years of experience in listed companies, including the healthcare sector.
• He currently serves as CFO at Phytome Life Sciences Ltd.
• The current CFO, John Ward, will step down from his role on November 3.
• The company is developing SNG001, an investigational formulation for inhalation containing the immunomodulatory broad-spectrum antiviral protein interferon beta.

London-based Pheon Therapeutics has appointed Dr Arvin Yang, MD, PhD as Chief Medical Officer.

• Pheon Therapeutics is focused on developing next-generation ADCs for hard-to-treat cancers.
• Dr Yang brings extensive experience in leading clinical trials and will contribute to the advancement of ADCs for the treatment of solid tumors.
• Dr Yang has lead therapeutic oncology products through early-stage clinical development, and late-stage global registration trials at both Bristol Myers Squibb and Mersana Therapeutics, including generating clinical development plans and driving the approvals of nivolumab, ipilimumab, fedratinib, and luspatercept.

Anaid Benitez, PhD has been awarded the Sir David Cooksey Prize in Translation for her work on tumour diagnostics and her leadership of the Crick Science Entrepreneur Network.

• The prize recognises scientists driving innovation and improving healthcare. Anaid developed real-time tests for detecting 'homologous recombination deficiency' in tumours, which helps match the right treatments to the right patients.
• Andreia Bernardo was named the runner-up for her work on growing heart muscle cells from stem cells.
• In 2020, Andreia Bernardo secured a Crick ‘idea to innovation’ grant, followed by LifeArc and Crick funding in 2021 to refine and fully characterise LVCMs. The Crick then licensed her technology to Axol Bioscience, paving the way for new ways to use cardiomyocytes for research and contract research services.

London-based MedCity has appointed Dr Angela Kukula as CEO.

• Her role is to reaffirm London's position as a global leader in life sciences and boost innovation and investment in the sector.
• Commercial Director at the Chelsea and Westminster Hospital NHS Foundation Trust. Prior to this, she spent over a decade at The Institute of Cancer Research serving as the Director of Business and Innovation and the Director of Enterprise.
• MedCity is a social enterprise funded by the Greater London Authority and other sources and aims to accelerate investment and innovation in health and life sciences in London.

London-based Closed Loop Medicine has appointed Konstantinos Vlassis as Chief Technology Officer.

• With over 20 years of experience, Konstantinos will oversee the design and implementation of technology strategy, engineering resources, and infrastructure.
• He will play a key role in leading the Engineering Team and facilitating cross-functional collaboration.
• In his previous role, Konstantinos was CTO at Medis Medical Imaging, where he established a full agile continuous integration and delivery process, while initiating a major digital transformation of the company’s products incorporating AI/ML tools.
• Closed Loop Medicine develops combination prescription drug plus software therapy products for personalised dose optimisation.

Oxford-based Oxford BioTherapeutics has relocated its UK headquarters to The Oxford Science Park in order to accelerate the development of its immuno-oncology and ADC-based cancer therapies.

• The new facilities include state-of-the-art office and laboratory spaces to support OBT's target discovery and drug development capabilities.
• Oxford BioTherapeutics is a clinical stage oncology company developing immuno-oncology and antibody-drug conjugate therapies to address unmet needs in cancer treatment.
• Their first clinical program, OBT076, is being tested in patients with advanced or refractory solid tumors, targeting CD205 overexpression.
• The infiltration of immunosuppressive cells in tumors is associated with poor outcomes, indicating its role in cancer progression.

Gerard Grech, former CEO of Tech Nation, has joined Cambridge Enterprise to lead a new initiative called Foundersat the University of Cambridge.

• This flagship program aims to support and accelerate University founders in the technology and software sectors, positioning Cambridge as Europe's center for science and a challenger to start-ups from US universities.
• The program will focus on deep tech founders building transformative companies that benefit society and the UK economy. Grech's appointment reflects the University's commitment to commercialize its research into global companies, addressing challenges like climate change and an aging population.

The European Commission has ordered Illumina (ILMN.O) to divest Grail (GRAL.O) due to concerns about competition in the blood-based early cancer detection test market.

• Illumina has announced that it will divest cancer test maker Grail within a year if it does not win its challenge in the European Court of Justice.
• If Illumina opts for a capital markets transaction, it would need to capitalise Grail with two-and-a-half years of funding based on its long-range plan.
• Illumina retains a 12% stake in Grail and may retain up to a 14.5% stake under the order.

Abcam plc (Nasdaq: ABCM) has filed an investor presentation with the U.S. Securities and Exchange Commissionunderscoring why the proposed sale of Abcam to Danaher Corporation (NYSE: DHR) for $24.00 per share in cash is compelling and deserves shareholder support.

• The Independent Directors also mailed a letter to shareholders underscoring the reasons for its conviction.
• Two days before the publication of this letter, Dr Jonathan Milner, founder and one of the largest shareholder of Abcam plc, issued an open letter urging shareholders to question the proposed acquisition of Abcam by Danaher Corporation.
• Milner believes that the offer price of $24 per share does not accurately reflect the value and potential of the company and has urged shareholders to vote against the proposed transaction and provides contact information for investor inquiries.

Cambridge-based PharmEnable and Sosei Heptares (TSE: 4565) have expanded their drug discovery collaboration for a second neurological disease target.

• The partnership combines Sosei Heptares' structure-based drug design platform with PharmEnable's AI-enabled medicinal chemistry platform (chemUNIVERSE).
• The companies will jointly conduct and share the costs of the discovery and development program, aiming to develop high-quality molecules for neurological disease treatment.
• PharmEnable and Sosei Heptares will jointly conduct and share the costs of the discovery and the development programme and will co-own any resulting products equally.

Shares in Oxford Biodynamics (LSE:OBD) have surged 300% after receiving validation for its EpiSwitch Prostate Screening (PSE) test in the US.

• Whereas the current PSA test for prostate cancer is only 55% accurate, Oxford Biodynamics has disclosed its PSE test offers an alternative with 94% predictive accuracy.
• The current blood screening test, the PSA test, is only 55% accurate, and is considered an unreliable test by many doctors, including the NHS in the UK.
• Oxford Biodynamics utilizes its EpiSwitch biomarker platform, which is the basis of its product lineup. This includes diagnostic tools and predictive immune response tests. They have also developed a comprehensive 3D genome knowledgebase, which contains a vast amount of data from over 15,000 samples across more than 30 human diseases.
• The startup is in the process of obtaining ISO15189 certification for a clinical lab within its Oxford laboratory.

Conduit Pharmaceuticals (Nasdaq: CDT) has partnered with ClinConnect to develop a cocrystal program for their AZD1656 compound.

• AZD1656 has potential applications in autoimmune disorders. The program aims to address challenges related to solubility, stability, and bioavailability by identifying suitable cocrystal partners.
• This partnership aligns with ClinConnect's mission to connect patients with relevant clinical trials.
• Conduit acts as a conduit for deprioritised assets from pharmaceutical companies, with a focus on therapeutic efficacy and patient safety.
• Through its exclusive relationship with St George Street Capital, Conduit has the option to fund the development of clinical assets licensed from AstraZeneca. Its initial assets were licensed from Astra Zeneca to St George: AZD5904 (a Myeloperoxidase Inhibitor) and AZD1656 (a Glucokinase Activator).

Nottingham-headquartered Oncimmune Holdings PLC (LON:ONC) has announced plans to expand its customer reach through partnerships with contract research organisations, diversify its scientific applications, and shift to strategic partnerships.

• The company aims to leverage its capabilities in auto-antibody analysis and explore new areas like companion diagnostics.
• The update follows recent changes in leadership (Tim Bunting stepping down and Sally Waterman joining as a replacement) and the disposal of Oncimmune Ltd.
• Final results for the year ended August 31 will be released later.

Paris-heardquartered Sanofi (EURONEXT:SAN and NASDAQ:SNY)’s A Phase 2b study (STREAM-AD) has shown that amlitelimab, a non-depleting monoclonal antibody, demonstrated potential as a best-in-class treatment for atopic dermatitis.

• Patients treated with amlitelimab experienced significant improvements in symptoms, including a 61.5% reduction in Eczema Area and Severity Index (EASI) score at week 16.
• In 2021, Sanofi acquired Cambridge-based Kymab for an upfront payment of approximately $1.1 billion and up to $350 million upon achievement of certain milestones. The acquisition added KY1005 (now, amlitelimab) to Sanofi’s pipeline.
• KY1005 is a human monoclonal antibody targeting key immune system regulator OX40L.
• The Phase 3 program for amlitelimab is set to begin in the first half of 2024.

London-headquartered Mereo BioPharma Group plc (NASDAQ: MREO) and Vancouver-headquartered Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) have announced interim Phase 2 data from the Phase 2/3 Orbit study.

• It demonstrates that treatment with setrusumab significantly reduced fracture rates and improved bone mineral density in patients with Osteogenesis Imperfecta (OI).
• The reduction in annualised fracture rates was associated with a clinically meaningful increase in bone mineral density.
• The Phase 3 portion of the study is currently enrolling patients. Ultragenyx will host an Analyst Day on October 16 to discuss the data and provide an update on the company's development pipeline.

Nick Bradley from the Future of Protein Production podcast has talked to Dr Catherine Elton, co-founder and CEO of Cambridge-based Qkine.

• The converstion covers the role of growth factors in cultivated meat production and the challenges faced by the industry such as supply chain, food security and sustainability.

Ruth Coleman and Robert Hornby have written a piece on Mercia Ventures investment in **Cambridge-based Kuano.

• Kuano is a a computational simulation platform for drug discovery, aims to ask better questions and provide better answers in the field.
• By leveraging quantum chemistry and AI, Kuano can simulate dynamic biological structures and design novel drugs, targeting previously undruggable areas.
• Their focus on enzymatic targets shows promise in improving the quality of drug candidates.
• This next wave of computer-aided drug discovery companies, including Kuano, is achieving higher fidelity than previous approaches.

Jimmy McLoughlin has published a video about the role of the Business Growth Fund (BGF) and ‘How 5 Banks Rebuilt the UK using Startups’

• BGF emerged in 2011 as a transformative force in business finance, representing the efforts of five major banks.
• BGF invests substantial amounts in exchange for equity shares, ranging from £1 million to £20 million.
• Their investments have propelled success stories and supported cutting-edge technology companies, contributing to the creation of 60,000 jobs in the UK.

Uplifting piece on Oxford's biotech scene.

• Oxford startups are making waves in chronic inflammation, genomics, and AI in medicine.
• Companies like DJS Antibodies and Caristo Diagnostics are achieving significant success, while Nucleome Therapeutics is exploring the "dark matter" of the human genome.
• Oxford's thriving life sciences innovation scene is attracting global attention and investment, with a strong ecosystem supported by the University and its technology transfer arm.
• Challenges remain in terms of funding, space, and talent, but the future looks promising for Oxford's life sciences industry.

According to a ranking by data platform PitchBook, London is the only European city to make it into the top 10 most 'developed' tech ecosystems in the world.

• San Francisco tops the list, followed by New York, Beijing, Shanghai, Los Angeles, and Boston. H
• owever, Europe is home to nearly half of the top 10 'highest-growth' tech ecosystems, with Berlin ranking third and Madrid and Milan also making the list.
• Additionally, a recent report found that European VCs delivered better returns than their US counterparts across multiple time horizons.

Pierre Socha, Partner at Amadeus Capital, has published a great piece on the Art of Timing.

• The article discusses how overestimating market pull and misreading signals can be fatal, so stress testing market ripeness and understanding specific factors that impact customer adoption is essential.

Plants immune system — what’s not to like. Interesting article on the evolutionary history and adaptations of the immune receptor ZAR1 in plants.

• ZAR1, which helps plants defend against pathogens, has remained remarkably conserved for millions of years.
• It has been found in various plant species and has evolved to partner with another protein called RLCK to activate the immune response.
• The study highlights the unique journey of ZAR1 throughout plant evolution and provides insights into plant defense mechanisms and adaptation to changing environments.

Atomwise, a San Francisco biotech company, is shifting its focus from partnerships to developing its own pipeline, starting with a TYK2 drug.

• The company has hired industry veteran Neely Mozaffarian as its Chief Medical Officer and is narrowing its focus on bigger partnerships.
• Atomwise aims to file an IND for its TYK2 drug in the second half of 2024 and believes it could show better efficacy than existing drugs for psoriasis.
• The pivot reflects the challenges of translating AI hype into clinical success in the pharmaceutical industry.