Carrick Therapeutics eyes further funding for cancer medicines

Company focuses on breakthrough therapies that target the spread of cancer cells

Dr Elaine Sullivan who co-founded Carrick Therapeutics. File photograph: Dave Meehan/The Irish Times

Dr Elaine Sullivan who co-founded Carrick Therapeutics. File photograph: Dave Meehan/The Irish Times

 

Carrick Therapeutics is back on the fundraising trail after finally tapping the last of the $95 million (€85 million) it raised at its launch in 2016.

Carrick, which is focused on developing pioneering treatments to defeat many of the most aggressive and resistant cancers, secured backing from a number of high-profile investment managers ahead of its launch as well as high-profile investors like State Street and the University of Cambridge.

It was also formerly backed by Woodford Investment Management, a key part of fund manager Neil Woodford’s investment empire until its recent collapse.

Filings at Companies Office show that the business tapped the last $16 million of the original funding late last year, alloting shares to the investors involved.

And that means it is back on the trail of new funds as it looks to deliver breakthrough therapies targeting the spread of cancer cells and also a form of ovarian cancer.

The company was co-founded by Elaine Sullivan, a former vice-president for research and development at both US drugs giant Eli Lilly and British peer AstraZeneca. It is privately held in Dublin with operations in the UK and US.

Dr Sullivan was named Emerging Entrepreneur of the Year at the EY awards in 2018 and was also a finalist in The Irish Times Business awards. Last year she relinquished her role as chief executive of the company after it established operations in Boston, Massachusetts.

She now has a role as “executive entrepreneur and adviser to the board of directors” with industry veteran Tim Pearson now serving as chief executive. Mr Pearson joined Carrick after serving as chief finance officer for Tesaro, a public oncology-focused biopharmaceutical company acquired by GSK for $5.1 billion in January 2019. Prior to this he was chief financial officer for Catalyst Health Solutions, which was bought by SXC for $4.4 billion.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.