Juvenescence Deal as Featured on Local News, WSYR-TV
Published on 18 JULY 2018
LAFAYETTE, NY: A small biotech company in Central New York is getting a big shot in the arm from some British investors.
Ichor Therapeutics is operating its high-tech lab out of an office in LaFayette.
The company has just received a $10 million investment from Juvenescence, which has offices in the Isle of Man and London.
Ichor Therapeutics CEO Kelsey Moody says, “Funding is always something needed to move programs forward but what really excites us about working with Juvenescence is the partnership. From our very first interaction from the letter of intent and all the way through diligence surrounding the deal.”
The new partner is interested in Ichor’s work in the field of aging, specifically to develop a drug eliminating the bad cells the body builds up over time that lead to diseases like cancer and Alzheimer’s Disease.
“This is a group of seasoned pharmaceutical professionals that have a great deal of expertise and leadership in the space broadly,” Moody tells NewsChannel 9.
And it’s not the first group to get behind Ichor, one of the founding investors also hails from Britain.
Roger Bagg, founding investor of Ichor, says, “I could have invested anywhere in the world. I really wanted to do it in Europe or the UK but it became very clear the talent pool was in Central New York.”
Bagg, like the executive team at Ichor, says this latest round of investment is validation in the company.
Ichor’s Chief Operating Officer, Aaron Wolfe, says, “But it really has a lot of responsibility to it, and we have a lot of work to do and as Operations Officer I’m really excited to start executing on that work and hiring people, more people.”
Right now, Ichor employees about 20 people but with this latest round of investment plus some of the other projects the company is looking at adding 14 more workers in the next year.
Moody says, “We think we could have a single product that could treat several different age associate diseases.”
Among the many fields of study, finding a solution to macular degeneration is the largest for Ichor.