EUROPE’S first oncology drug discovery accelerator, Edinburgh-headquartered Cumulus Oncology has become a key founder of start-up biotech company, Modulus Oncology. Modulus, a University of Sheffield spin-out biotech company, is focused on hard-to-treat cancers. The research underpinning Modulus arose from a sophisticated drug discovery programme at Sheffield University made possible by Wellcome Trust grand funding. As part of the spin-out deal, executives from Cumulus including CEO and Founder Clare Wareing and Chair Alan Wise have taken on senior roles in the leadership team of Modulus with Wise appointed CEO and Wareing taking up the post of Chief Business Officer.
In July, St Andrews-based investment firm Eos Advisory led a £1.7 million investment round in Cumulus which creates and manages spin-out companies created specifically to develop novel anti-cancer treatments. Clare Wareing previously founded and scaled Nexus Oncology before its acquisition by US-based Ockham Development Inc in 2012.
Clare Wareing, Cumulus CEO and Chief Business Officer at Modulus, said: “The Modulus team plans to fast track its lead asset into clinical development within two years with a focus on hard-to-treat cancers whilst building a scaleable UK biotech company.”
Wareing, a University of Edinburgh PhD graduate, has more than 28 years experience working with big Pharma players, biotech companies and contract research organisations (CROs). She is an expert in Phase 1 oncology clinical trial design and implementation having played a key role in programmes that have led to the regulatory approval of six anti-cancer treatments now used in routine clinical practice.
Next month, Cumulus is set to announce a high profile advisory board and plans to grow its base in Edinburgh. Wareing added: “We’re excited about the next phase of growth for Cumulus and we have great ambitions to be one of the next big success stories on the Scottish biotech scene.”