Cell therapeutics business Cell Medica has netted £17 million in funding to allow it to begin operations in Texas.

AIM-listed technology commercialisation and investment firm Imperial Innovations has invested the capital alongside Invesco Perpetual and the Cancer Prevention and Research Institute of Texas (CPRIT), three weeks after it backed Oxford-based biotechnology business PsiOxus Therapeutics in a £22 million round.

As well as launching in the US, the new funds will also allow Cell Medica to continue the development of its immune reconstitution cell therapies in Europe.

London-based Cell Medica’s technology works on the premise of the selection, activation and expansion of immune cells which are able to prevent and treat diseases. Its Cytovir product is aimed at treating viral infections in leukaemia and lymphoma patients who have had bone marrow transplants.

Under the terms of the deal, Imperial Innovations and Invesco Perpetual are committing £3 million and £4 million respectively, subject to certain criteria. CPRIT has provided the balance amount of £9.7 million with Imperial Innovations now holding a 28 per cent stake in the business.

Gregg Sando, CEO of Cell Medica, says the business has brought together a ‘very special group of investors’ which are supporting the company’s ‘expert team’ to realise the potential of its cell therapeutics.

He adds, ‘We will be expanding our management team both in the US and Europe to deliver on current programmes and secure a leadership position in cell therapeutics for cancer and infectious diseases.’