#UK 14M Genomics goes bust as Syncona pulls funding plug

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Alan Schafer of 14M Genomics

One of the Cambridge UK cluster’s most exciting cancer technology startups has folded after its lone backer declined to follow-through on the launch funding.

14M Genomics had spun out of the world-famous Wellcome Trust with £12.5 million from Syncona LLP in December 2014 and already engaged with celebrated European partners on prospective programmes.

The company was founded to generate linked genomic and clinical datasets for major cancers to provide a reference base to enable diagnostic and prognostic stratification of patients – helping to guide treatment decisions for oncologists and patients.

Chairman Andy Sandham has posted a notice on the website stating: “We were informed recently that Syncona LLP, the sole investor in 14M Genomics, is not prepared to provide further financial support to the company. The Syncona decision followed a review of priorities within the existing Syncona portfolio.

“Having carefully considered the options available, the board of 14M Genomics has decided to effect an orderly close down of the business operations.

“On behalf of the company, I would like to thank our founders, employees, collaborators and customers for their vision and commitment to our cancer clinical genomics mission over the last two years.”

The company was founded by the leaders of the Sanger Institute Cancer Genome Project, Professor Michael Stratton, Dr Peter Campbell and Dr Ultan McDermott.

Based on the Wellcome Trust Genome Campus, 14M Genomics was collaborating with European clinical partners in studies to generate linked clinical genomic datasets using cancer gene panel and other technologies.

14MG licensed proprietary technology and bioinformatics software from Sanger in a bid to capitalise on the Institute’s research and clinical grade sequencing pipelines. Last July it appointed industry big-hitter Alan Schafer as CEO. 

from Business Weekly http://ift.tt/1Rpq3uH

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