The company is also looking to add two more newco subsidiaries as well as further senior team appointments.

Cumulus was founded in 2017 to create spin-out companies around novel anti-cancer therapies that are fast-tracked through development and target cancers that don’t respond well to existing treatments. Cumulus secured a £1.7 million investment round led by Eos Advisory last July and in September founded its first spin-out, Modulus Oncology, alongside the University of Sheffield.

Cumulus grew its headcount to 20 last year when the company also appointed a high profile advisory board - with Mohamed (Raz) Dewji, Chris Brinsmead CBE, Ian Waddell and Nicola Broughton now supporting further asset acquisitions and future investment strategies.

Clare Wareing, co-founder and CEO, Cumulus Oncology, said: “We now have an incredible team in place and we’re collectively focused on developing and commercialising cancer therapies, while scaling the company from a base in Scotland. The business model at Cumulus enables us to keep pace with emerging scientific insights in the cancer research field. We are not one biotech based on a scientific discovery at a point in time, but a company that continually creates new biotechs in response to emerging scientific discoveries.”

Alan Wise, co-founder and chair, Cumulus Oncology, added: “We are actively engaged in discussions with a number of international cancer drug discovery organisations and investment partners and look forward to sharing key milestones for Cumulus and the companies we create and manage in due course.”