A BIOTECH company working on human cancer stem cells in York has secured £2 million of investment to help it to develop new treatments for prostate cancer.

Pro-Cure Therapeutics Limited, based at the York Biocentre in Innovation Way, is a spin-out company from the YCR Cancer Research Unit, in the department of biology at the University of York.

It is internationally recognised for its gene profiling of human prostate cancer stem cells, in its bid to counter the most common cancer affecting men in developed countries.

The investment package, which involves total new equity of just over £2 million, includes £580,000 from new investors Reef Securities Limited and Yorkshire & Humber Equity Fund, managed by YFM Venture Finance Limited.

The balance represents the conversion of loans by existing investors the University of York, White Rose Technology Seedcorn Fund and Yorkshire Cancer Research, demonstrating their confidence in the company.

Pro-Cure’s processing and research of human cancer stem cells provides a major opportunity to design and test drugs with potential to inhibit resistant tumours and significantly extend life.

To this end, it is working with a number of major pharmaceutical companies.

Having identified targets for drug treatments, the company has assessed new screening processes to assess the effectiveness of different classes of drugs against prostate cancer stem cells.

David Livesley, of YFM Venture Finance Limited, who led the funding round, said: “We were attracted by the obvious expertise of the company in an emerging area of science, as well as the strength of the management team and their clear focus on value creation.”

Paul Duffen, who has joined the Pro-Cure Board on behalf of Reef Securities, said “I look at a lot of businesses as potential investment opportunities. I felt that this business has a real potential to provide a solution to one of the most threatening male cancers.

“I believe they have a very good chance of making a real difference to the lives of people suffering from prostate cancer.”

Brian Greenwood, Pro-Cure’s executive chairman, said: “We are extremely pleased to have gained the support of both YFM and Reef Securities and to now have them as shareholders.

“This investment round is an important milestone in the development of Pro-Cure and puts us in a strong position to accelerate our progress over the year ahead.”