backer

As the shaky finances came into focus this year, James’s backers pulled the plug.

The move is seen as an exit route for its private-equity backers.

Hatton was playing his part in the ring and also giving his Manchester City-supporting backers something to cheer while their team struggled in the Red Devils' shadow.

New investor the Aligned Fund led the financing, which also included backers such as Drive Capital and Cybernetix Ventures.

Biotech’s wooden performance discourages generalist investors from joining industry specialists in supporting the sector, which might help startups’ raise capital as well as generate liquidity for venture backers.