Panthera Biosciences has received an investment of $13.04m (£10m) from BGF and Gresham House Ventures to expedite its dedicated clinical trial site network expansion.
Gresham made the investment on behalf of the Baronsmead VCTs.
The proceeds from the investment round will aid Panthera in further expanding its network of trial sites across the UK and Western Europe.
Furthermore, the company will use the funds to continue investing in boosting the service offering.
Established in 2019 with an initial investment from Gresham and Catapult investing in 2020, Panthera is a key player in the UK with nine study sites.
On behalf of pharma firms and contract research organisations (CRO), the company enrols trial subjects and conducts clinical trials.
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Panthera has developed a Site Management Organisation (SMO) model leveraging technology and trials in specialist areas including oncology, neurology, non-alcoholic steatohepatitis (NASH) and vaccines and people who receive treatment in general practice.
The oncology trials across the UK are carried out by Panthera in collaboration with the Rutherford Cancer Centres.
Panthera Biosciences chairman John Lyon said: “We are very pleased to have the backing of such reputable and respected investment houses as BGF and Gresham House Ventures, which will supercharge our expansion.
“In the last two and a half years our management team has built an exemplar SMO model which has been welcomed by our clients in the major pharmaceutical companies and CROs.
“In the next twelve months we aim to become the preferred provider for our clients across Europe.”
In March this year, the company received the contract to enrol participants in Roche’s double-blind, placebo-controlled Phase III clinical trial for advanced or metastatic breast cancer patients.
As per the contract, Panthera will recruit subjects from three sites in the UK in Liverpool, Reading and Newport through the collaboration with Rutherford Health.