LONDON - Vanguard Medica Group plc is to invest up to #3.25 million (US$5.2 million) for a third of Cancer Research Ventures UK Ltd. (CRV), the company formed earlier this year to commercialize cancer research from around the world.
The aim is to combine Vanguard's experience in drug development with CRV's extensive network of contacts with cancer researchers worldwide.
CRV was formed by Cancer Research Campaign Technology, the technology transfer arm of the charity, Cancer Research Campaign, to build on the charity's connections and commercialize research carried out by its counterparts.
Vanguard, which is based in Guildford, Surrey, will invest an initial #1 million and then a further #2.25 million over five years, in exchange for a third of CRV, and the rights to certain development opportunities. Those rights will run for five years, and may be renewed for a further payment. In return CRV will have access to Vanguard's development skills on behalf of its international network of researchers.
Mark Richmond and Sue Foden, currently chairman and CEO of CRV, respectively, will continue in those roles. Robert Mansfield, CEO of Vanguard, will join the board of CRV.
Gordon McVie, director general of the Cancer Research Campaign, said, "The Campaign is dedicated to exploring new approaches for the treatment of cancer and advancing these opportunities as quickly as possible. CRV welcomes this new collaboration with Vanguard and its experienced team and looks forward to working together for the benefit of cancer patients worldwide."