The funding round was led by biotech investor Dr Urs Spitz, alongside additional funding sources. The investment will enable the company to progress key scientific milestones, bringing its flagship therapeutic program closer to clinical development, as well as supporting the creation of new high value jobs in Wales.
Awen Oncology was established on the basis of collaborative research at 58³Ô¹Ï, with the company arising from research carried out at the University's North West Cancer Research Institute. Among the co-founders of the company are Dr Ramsay McFarlane and Dr Jane Wakeman from 58³Ô¹Ï, alongside Professor Andrea Brancale, formerly from Cardiff University.
The company focuses on developing innovative therapies with the potential to transform cancer treatment. Its flagship program targets a rare form of bone cancer where there is currently a significant unmet clinical need, with the potential for the research to have wider applications across more common cancers.
Awen Oncology is based at M-SParc, 58³Ô¹Ï's science park, which supports innovative businesses and research and development activity in North Wales.
Pryderi ap Rhisiart, Managing Director of M-SParc, said, "The success of Awen Oncology demonstrates the strength of the innovation ecosystem we are building, where businesses can access the facilities, networks and support they need to expand. I am delighted that this investment not only accelerates the company's journey towards clinical impact, but also brings high-value jobs and experience to the region."
As part of the investment, Dr Spitz will join the company's board, bringing extensive international experience of supporting and growing biotechnology companies through clinical and commercial stages.
Dr Ramsay McFarlane, CEO and co-founder of Awen Oncology said, "Securing this investment marks an important milestone for Awen Oncology as we continue to develop our therapeutic line. It will enable us to reach critical scientific milestones while strengthening our team with highly skilled talent here in Wales.
"Our flagship program targets a rare form of bone cancer that has a significant unmet clinical need, with potential applications across more common cancers. Our ultimate goal is to provide treatments that improve – and potentially save – lives."
The research that underpins the work of Awen Oncology has been supported by Cancer Research Wales, building on more than 15 years of investment in basic cancer research in Wales.
Dr Lee Campbell, Head of Research at Cancer Research Wales, said, "As Wales' cancer research charity and one of the main funders of cancer research in Wales, we are proud to have supported the foundations of this work over more than 15 years. It is encouraging to see this research moving forward towards real-world impact for patients."