Patients with ulcerative colitis – a chronic inflammatory bowel disease – often have significant gut problems leading to considerable suffering and lower quality of life. These patients are in great need of more effective treatments, not all patients respond to the drugs available, and there is also a need for new drugs with less side-effects. We invested in InDex Pharmaceuticals because their candidate drug, Cobitolimod. Cobitolimod’s has a novel mechanism of action, activating the body’s innate, or non-specific, immune defence through stimulating the TLR9 receptor. This provides a local anti-inflammatory effect which in clinical trials has shown to result in significant improvements of the major clinical symptoms these patients have. Apart from appearing to help patients, Cobitolimod also has a very limited systemic absorption leading to a favourable safety profile.