Investment group

All-female angel investment group claims Scottish top spot after Nasdaq biotech IPO

Investing Women Angels (IWA) said it had become the first group of Scottish angel investors to complete a Nasdaq exit after its successful listing on the market.

TC Biopharm is a clinical-stage biotechnology company developing cell therapies in the fight against cancer and viral indications.

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The company, which floated with a valuation of $119.25m (£87.9m) and raised a further $17.5m through initial public offering (IPO), was co-founded by its chief operating officer Angela Scott and Michael Leek, who now serves as executive chairman.

Jackie Waring of Investing Women Angels (IWA).

After initial on-site meetings with IWA founder Jackie Waring and support from sister organization AccelerateHER, the all-female IWA became the only angel group to invest in TC Biopharm in 2015 as part of a £1.2m seed round, alongside Scottish Enterprise co-investment.

IWA members have also been active in several follow-on investment rounds that have supported the company’s journey to becoming a publicly traded entity.

Based on TC Biopharm’s IPO market valuation, early IWA investors will generate nearly eight times the return on their initial investment.

Waring, who was among those backing the company in 2015, said: “We are delighted for Angela, Mike and the entire team at TC Biopharm, now Scotland’s only Nasdaq-listed life sciences company. We believed in this world-class team from day one and knew they could take this company to the highest level.

“The IPO has generated additional investment in the company, which will help fund new clinical trials aimed at fighting cancer and other viral infections, including Covid-19.

“We are especially proud of what TC Biopharm has accomplished and the phenomenal work it is doing in the fight against cancer.”

IWA Chief Executive Evelyn Simpson added: “The success of TC Biopharm underscores the importance of the support that IWA and our sister organization AccelerateHER provide to women-founded businesses across Scotland.

“The global success of this women-led business, along with the upcoming IW AccelerateHER fund, will help encourage more women to start and grow their own businesses, which is vital for broader economic growth and prosperity.”

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