Scottish biotech ILC Therapeutics has set its sights on a Series A round and an IPO following its most recent investment round and is on track to commercialise a suite of antiviral medicines for the treatment of respiratory infections including SARS-CoV-2.

ILC’s lead hybrid interferon drug, Alfacyte, is currently in development as an antiviral medicine for the treatment of upper respiratory tract viral infections (RVIs), including SARS-CoV-2 which causes Covid-19.

Alfacyte and other ILC hybrid interferons have the potential to become game-changing antiviral treatments in the ongoing global fight against Covid-19, in addition to other infections including respiratory syncytial virus (RSV), HIV, hepatitis and other major pathogens.

Led by CEO Dr Alan Walker, a former Vice President of Global Commercial Operations at ProStrakan, who has overseen a number of international mergers and acquisitions in the biotechnology sector, ILC Therapeutics previously raised a £3.5 million investment round in 2021, which included participation by St Andrews-based impact investment firm Eos, Scottish Enterprise and Los Angeles-based lawyer and investor Robert Kopple.

An additional £2 million round led by existing investors was subsequently completed in Q4 of 2022.

Having opened new laboratory facilities at its BioCity headquarters near Glasgow in 2022, ILC is preparing its Alfacyte product for manufacture in Belgium this year, before moving towards Clinical Trial Authorisation (CTA) in 2024.

One of Scotland’s most pioneering biotechs, ILC is also expected to embark on a Series A investment round over the next 12 months, with a view to a possible post-investment round IPO.

Dr Alan Walker, CEO, ILC Therapeutics, said: “We have achieved significant milestones over the last 12 months, which have enabled us to move rapidly towards our next phase of growth.

“Coupled with VC and M&A activity elsewhere in the sector, we believe the timing is opportune to engage with the UK and international investor community around supporting our strategic plan and growth prospects through a Series A round that could be followed by a stock market flotation.”

ILC is also testing its second lead product, Dermacyte, for the treatment of atoptic dermatitis, the most common form of eczema and psoriasis in human skin and canines, and is entering a R&D partnership with an international veterinary group during Q2 to develop its Caniferon product to treat atopic dermatitis in dogs.

ILC has appointed Dr Owain Millington as Vice President and Head of Preclinical Development, who has a long career in life sciences leadership teams.

Dr Millington joins Professor W.H. Stimson, Chief Scientific Officer and founder of the Department of Immunology at the University of Strathclyde, and Dr Dawn Firmin, Head of Technical Operations, in ILC’s R&D team.

ILC is chaired by Peter Bains, who brings over three decades of leadership experience in the biopharmaceutical industry, including senior strategic and operational roles, and a 20-year career with GSK.