Seven Hills to fund early development of LinkCore cancer drug

Seven Hills Venture Partners, a Scottish life sciences development company, has revealed details of its first drug co-development funding initiative. The firm has committed L500,000 ($922,500) to LinkCore Pharma, a drug development company with offices in Edinburgh, Scotland, and Vancouver, Canada.

Under the terms of the deal, Seven Hills will fund the preclinical development of LinkCore's lead cancer compound in exchange for a share of royalty and other payments following the licensing of the resulting product to a pharmaceutical company.

Alan Muir, co-founder of Seven Hills, said that the funding initiative offers a "real and tenable alternative funding route to traditional venture capital for young life science companies," adding that he was delighted that the company has offices based in Scotland, thus benefiting the UK economy.