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How CRT's Pioneer Fund got its first win by selling a Phase I asset to ProNAi

October 10, 2016 7:00 AM UTC

Cancer Research Technology Ltd.'s push to move molecules into the clinic rather than out-license them at very early stages of development has paid its first dividends. Late last month, the Cancer Research Technology Pioneer Fund sold a Phase I DNA damaging agent to ProNAi Therapeutics Inc. (NASDAQ:DNAI).

CRT, which is the commercial arm of Cancer Research UK, and the European Investment Fund launched the Pioneer Fund in 2012 with £25 million ($40 million). The following year, the duo added another £25 million. In 2014, BACIT Ltd. (LSE:BACT) invested £20 million ($31.4 million), bringing the fund to £70 million ($110 million). ...