A University of Bristol spin-out company that is developing a platform to generate therapeutic red blood cells for treating a range of diseases has successfully raised £3.2 million in seed funding. Scarlet Therapeutics was founded by professors Jan Frayne and Ashley Toye, who initially focused on culturing red blood cells to address rare blood shortages in the UK and worldwide. However, they later pivoted to using synthetic biology approaches to create engineered cells capable of treating rare metabolic diseases.
The duo co-founded Scarlet in 2022 alongside Dr Alistair Irvine, a seasoned executive in the biotech and medtech sectors. According to Business Live, the latest seed financing round will be used to advance the first applications of the company's red blood cell platform. The technology will initially target multiple metabolic diseases, with the funds supporting in vivo proof-of-concept studies, manufacturing development, and regulatory engagement.
The financing was led by new investor Eos Advisory, with participation from existing investor SCVC and new investors Oshen Bio (based in Switzerland and Luxembourg) and Daft Capital (based in the US). Dr Alistair Irvine, chief executive of Scarlet Therapeutics, commented: “Demonstrating that our lab-grown red blood cells can mature and circulate in vivo, with a half-life matching that of donated blood, is a pivotal validation of what we are building. Our proprietary cell line technology enables scalable, universal red blood cell manufacturing and opens the door to a new class of durable therapeutics and transfusion products. This financing puts us in a strong position to select our lead therapeutic candidate and move towards the clinic.”
Scarlet, which is based at Science Creates in Bristol, has also appointed three new directors to its board: John Beadle representing Eos Advisory, Didier Cowling from Oshen Bio, and Tim Sparey as independent chair. Harry Destecroix, managing partner of SCVC, said: “These results mark a major milestone for Scarlet, moving from concept to in vivo validation is a genuine inflection point. Scarlet has the science and the ambition to become a defining company in engineered red blood cells, and we are proud to continue backing that vision.” Anne Muir, director of portfolio at Eos, added: “Scarlet Therapeutics is developing technology that could genuinely change the way we treat a range of serious diseases. This is exactly the kind of first-in-class science, with the potential to transform human health, that we back at Eos. The idea of a universal, scalable red blood cell platform, free from donor dependence and compatibility constraints, is remarkable. Alistair and his team have the science and vision to make it a reality. We are proud to have led this round and look forward to supporting the next phase of Scarlet’s journey.”
