Cumulus Oncology raises $5.6 million funding led by Eos Advisory

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Cumulus Oncology, said to be Europe’s first oncology biotech creation company, has secured a £4.1 million ($5.6 million) investment led by St Andrews-based investment firm Eos Advisory. Scottish Enterprise invested alongside Eos as Cumulus plans further scale, while an additional £1.5 million ($2 million) will follow in the coming months

Left to right are Dr Diane Seimetz (Cumulus), Clare Doris (Cumulus), Mark Beaumont (Eos), Clare Wareing (Cumulus), Andrew McNeill (Eos), Nicola Broughton (Cumulus), and Dr Sally Waterman (Cumulus) (Photo: Business Wire)

Cumulus was founded in 2017 for the identification of novel oncology assets to de-risk and add value to,  before creating spin-out companies to commercialize novel cancer therapies. After founding Nodus Oncology in April 2020 to conduct research into DNA damage response (DDR), Cumulus formed Modulus Oncology in September 2020 alongside the University of Sheffield.

Cumulus is also announcing that Dr. Russell Greig will be joining the board as Chairman. Greig, a GlobalScot, spent much of his career working on both the drug development and investment sides of the business at GlaxoSmithKline, where he held a number of positions including President, International Pharmaceuticals, and Senior Vice President, Worldwide Business Development. 

Dr Russell Greig, Chairman, Cumulus Oncology, said: “Cumulus has established a unique position in Europe, and is set to make an impact further afield in other regions including North America. I look forward to helping to guide Clare and her expert team around strategic focus over the months and years ahead.”

More recently, he has held board roles for a series of biotechs and has advised life science VCs and biotechnology companies in the USA, Europe, and Asia via his Philadelphia-based Greig Biotechnology Global Consulting business.

CEO and co-founder Clare Wareing said: “With the support of our cornerstone investors, we will accelerate our business model to identify and develop new oncology treatments that target the unmet medical needs of specific cancer patient populations.”

Andrew McNeill, Managing Partner, Eos Advisory, said: “Clare and her team have made tremendous progress over the last few years, are at the forefront of their field in the European context, and we are pleased to continue our support of the business as Cumulus enters its next phase of growth.”

Kerry Sharp, Director of Growth Investments at Scottish Enterprise, said: “It’s fantastic to see the progress Cumulus Oncology is making in the field of cancer therapies. With Scottish Enterprise investment, which focuses on early-stage high growth potential companies, this company can continue to develop its ambitious plans.”

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