British biotech flees worsening funding drought

The British start-up Apitope is pulling up stakes and moving as it follows the money to Belgium. A group of investors from Belgium and Luxembourg put together an investment package worth €10 million for the developer, which is working on peptide-based therapies for autoimmune diseases and allergies.

Innovator Capital Chairman Mungo Park, who put the Series A deal together, says it's all a reflection of the poor investment environment in the UK right now. Park says he approached a string of funds in Britain as well as other European countries before landing in Benelux.

"England has a history of letting its brains go elsewhere," he tells the Financial Times. "It's a shame."

- check out the report from the Financial Times

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