AstraZeneca makes new funding commitment to MedImmune Ventures

AstraZeneca has pledged an additional $100 million (64.26 million pounds) of funding for its venture capital arm MedImmune Ventures.

The evergreen fund, which makes equity investments in private biopharmaceutical, medical and healthcare technology companies, now has total capital under management of $400 million.

It recently co-led the second round of financing for the Australian life science company NeuProtect, which specialises in the reduction of cardiac remodelling following myocardial infarctions.

Following this fresh injection of funding from AstraZeneca, MedImmune Ventures will be able to expand its investment activities into new therapy areas and global territories.

Simon Lowth, chief financial officer at AstraZeneca, said: "We continue to support a MedImmune Ventures strategy that combines commitment to advance science and technology in the life science industry while generating financial returns expected of venture capital funds."

Earlier this month, the company announced that it has received a Committee for Medicinal Products for Human Use recommendation for Caprelsa, its newest oncology therapy.