Complement Therapeutics Ltd raises EUR 5 Million Seed Financing by BGV and Forbion and appoints Dr Rafiq Hasan as CEO

LONDON, Feb. 23, 2022 /PRNewswire/ -- Complement Therapeutics Ltd (CTx), a preclinical stage University of Manchester spinout, announced today the completion of its EUR 5 million seed financing round from BioGeneration Ventures (BGV) and Forbion, two leading European venture capital firms. BGV provided the initial seed-funding in early 2021 with both Forbion and BGV now investing additional seed financing.

Built on the pioneering research carried out by its three founders at the University of Manchester, Prof Simon J. Clark, Prof Paul Bishop, and Dr Richard Unwin, the CTx team will focus on addressing unmet needs in complement mediated diseases such as geographic atrophy due to dry age-related macular degeneration, a major cause of vision loss and blindness globally. In particular, the founders have conducted highly innovative research into the pathophysiology of complement driven diseases, having recently published work on the role of factor H related (FHR) proteins in age related macular degeneration. In addition to its pipeline of therapeutic candidates, CTx has developed a precision medicine diagnostic platform allowing it to stratify patients based on their complement-activation profile with the potential to enable both patient selection and serving as an efficacy biomarker in future clinical studies.

The company also announces today the appointments of two highly experienced industry executives, Dr Rafiq Hasan as Chief Executive Officer and Dr John Ford as an independent director.

Dr Hasan has pursued a highly successful career in the pharma industry globally, including senior positions in ophthalmology with Bayer and Novartis. Most recently as SVP and Global Head of Ophthalmology at Bayer, Dr Hasan grew the business of Eylea^® (aflibercept) from launch to over USD 2.5bn in 5 years, including its launch in 5 indications in 3 years.

Dr Rafiq Hasan, Chief Executive Officer, CTx commented: "I am very excited to be joining CTx to advance innovative therapeutic modalities for the treatment of complement driven diseases such as dry AMD. With the ongoing support from our investors BGV and Forbion, I look forward to establishing the company as a leader in the field."

Dr John Ford, an experienced biotechnology entrepreneur who co-founded Xention (CSO), Ario Pharma (CEO) and Metrion Biosciences (co-owner) commented: "Having worked with BGV and Forbion for many years, I am confident that we can continue to contribute to the growth of the CTx team." 

Dr Geert-Jan Mulder, Managing Partner at Forbion and CTx Board member commented: "We are pleased to have the opportunity to continue our successful track-record in investing in innovative companies in ophthalmology."

Dr Dmitrij Hristodorov, Partner at Forbion and CTx Board member added: "Rafiq and I have been successfully working together at Bayer and I am excited to continue this collaboration with him and his team advancing new science towards products for patients that make a difference. CTx has all the ingredients to become the next-generation complement company for diseases of the eye and beyond."

Dr Max Klement, Principal at BGV commented: "BGV identified Complement Therapeutics as a promising opportunity in complement biology in late 2020. Together with the founders and the team, we developed the plans for the lead indication in ophthalmology and other indications. With this additional financing and support of Forbion, our longstanding joint venture partner, CTx is well positioned to develop novel ground-breaking therapies for patients suffering from complement driven diseases."

SOURCE Complement Therapeutics