Cyclacel, a private British biopharmaceutical company which specialises in treatments for cancer, has raised $39m (€31m) in fourth round funding. This is a boost for the biotech industry, which had seen investment in the sector fall over the last three years.

The funding round is one of the largest by a private British biotech company. It brings the total amount raised by Cyclacel through private equity sources to $123m over six years and makes the firm the first university spin-out to raise over $100m in private equity.