Billionaire Hedge Fund Manager Michael Platt Invests in UK Biotech Firm Engitix

UK-based biotechnology company Engitix Ltd. has raised a further $25 million from billionaire Michael Platt to help develop its therapies for cancer and fibrosis.

Engitix plans to use the funds for preclinical development across its pipeline in solid tumors and fibrosis, and to expand its platform, it said in a statement Thursday. The company develops drugs targeting the extracellular matrix, known as ECM, which surrounds and supports cells and tissues in the body.