A spin-out company from the University of Cambridge has raised £14m to develop a new therapy for haemophilia.

ApcinteX is looking to disrupt the haemophilia market which has a current estimated worth of $10bn.

The funding round was led by Medicxi and Touchstone Innovations Group, and joined by Cambridge Enerprise.

Money raied will be put towards a drug that can be used in all patients, regardless of the type of haemophilia, a treatment based on the work of Jim Huntington of the Cambridge Institute for Medical Research and Trevor Baglin of the Cambridge University Hospitals.

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Baglin said: "Bearing in mind that the majority of people in the world with haemophilia have no access to effective therapy, a stable, easily administered, long-acting, drug that can be used in all patients, regardless of the type of haemophilia, could bring treatment to a great deal many more people who suffer from haemophilia."

Dani Bach, director of Healthcare Ventures at Touchstone Innovations, added: "We are delighted to be supporting this funding round which is in many ways a classic example of our model: backing outstanding research which has the potential to translate into differentiated products for patients in a substantial global market.

"We believe that ApcinteX has the potential to provide a better alternative."