Ellipses Pharma, launched by biotech entrepreneur Sir Chris Evans, has also received backing from a diverse group of investors, including the president of the United Arab Emirates, Mohamed bin Zayed, and Steve Morgan, founder of housebuilder Redrow.

Ellipses Pharma has already invested $150 million (£115m) in its clinical drugs pipeline and plans to invest an additional $100m (£77m), with $40m (£30.8) recently raised. The company is developing three “very exciting” oncology drugs and aims to disrupt traditional financing of drug discovery through intelligent use of expert knowledge.

The latest development from Ellipses Pharma is the next-generation selective RET inhibitor (SRI) EP0031/A400. Following the release of ‘very encouraging’ clinical data, the company announced its intention to speed up the drug’s global clinical development. The drug is being developed in partnership with Kelun-Biotech Pharmaceutical Co. Ltd.

Sir Tom said: “I’ve known Chris for over 25 years and invested with him over the years. This investment for us is very exciting – the quality of the team, world class use of expert knowledge and the intelligent disruption of financing the drug discovery… And then of course led by the force of nature that is Professor Sir Chris Evans.”