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Investors write £5.6m cheque to Pencil Biosciences

Pencil Biosciences
Image credit: dhvstockphoto / Shutterstock

Pencil Biosciences has secured £5.6m in seed financing for its gene modulation technology that has applications in treating diseases like cancer.

Based at Alderley Park, Cheshire, the startup is developing gene editing technology that has applications in cell line engineering, novel diagnostics and agriculture.

“Our ambition is to develop a truly innovative and unique gene modulation technology that catalyses innovation across a range of applications, including new therapeutic options for patients with rare diseases and cancer,” said Amanda Smith, CEO of Pencil Biosciences.

Investors in the Pencil Biosciences seed were Northern Gritstone, Octopus Ventures, Martlet Capital, the Greater Manchester and Cheshire Life Science Fund, UKI2S, Jonathan Milner from Meltwind, o2h Ventures and SyndicateRoom’s Access.

The deep tech startup was launched by Dr Rajik Ibrahim, Dr Timothy Schulz-Utermoehl and Dr Martin Quibell in 2019.

Duncan Johnson, chief executive at Northern Gritstone, said: “We look forward to working with Amanda and her team as they progress with the development of their innovative technology platform which has the potential to transform treatment provided to patients with rare diseases.”

Alderley Park is also home to the human diagnostics testing facility Alderley Lighthouse Labs, which raised £1.2m in August.

Read more: Northern Gritstone secures £50m with up to ‘£100m in the hopper’