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TVM Life Science Ventures VII Announces Investment in Modulate Therapeutics Inc

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TVM Life Science Ventures VII announced the fund’s ninth investment – establishing Modulate Therapeutics Inc., a company based in Montréal, Québec. Modulate Therapeutics Inc. plans to develop, to proof-of-concept, the compound IMM-01 that is designed to re-engage the immune system in order to recognize and eradicate neoplastic disease.

Modulate Therapeutics Inc. will explore the development of a nanolipogel formulation that targets the delivery of nano-doses of both a TGF beta inhibitor combined with Interleukin 2 at the site of the tumor growth, potentially synergizing with immune oncology checkpoint inhibitors and aims to further increase response rates and overall survival for patients with certain types of cancer.

 “TVM Capital Life Science is proud to have enabled the creation of Modulate Therapeutics Inc., and to have secured the rights to IMM-01 from Immunova LLC. IMM-01 stimulates T-cell proliferation, increasing the presence of tumor infiltrating lymphocytes while blocking a key mediator of immunosuppression in the tumor microenvironment.

This transaction is a testament to the benefits of our investment model,” said Dr. Luc Marengere, Managing Partner with TVM Capital Life Science and Board member of Modulate Therapeutics Inc. “Furthermore, we are pleased to collaborate with Brian Horsburgh and Mark Cipriano, who will act as CEO and CFO respectively for Modulate Therapeutics Inc. Brian has had a longstanding career in the life science industry; Mark is a well-known CFO in the industry.”

“The management team of Modulate Therapeutics Inc. is excited to have the opportunity to collaborate with the TVM Capital Life Science team to advance IMM-01 to clinical proof-of-concept,” said Brian Horsburgh.

This is the ninth investment for TVM Life Science Ventures VII, a venture capital fund domiciled in Montréal, Québec, which follows a new, capital-efficient investment approach to developing pharmaceutical assets to human proof-of-concept in single-asset companies. TVM Life Science Ventures VII is a unique collaboration between TVM Capital Life Science and numerous limited partners, including Eli Lilly and Company.

The goal is to finance and access innovation while managing risk and sharing reward. Modulate Therapeutics Inc. will leverage its extensive product development expertise to potentially bring their asset to human proof-of-concept. If and when proof-of-concept is reached, Lilly will have an opportunity to acquire the molecule.

“Oncology is a key therapeutic area for Lilly, given our strong legacy and expertise in this area,” said Richard Gaynor, M.D., senior vice president, product development and medical affairs for Lilly Oncology. “TVM Life Science Ventures VII is an important part of Lilly’s risk-sharing strategy, as our goal is to be innovative in our internal research efforts and to complement the molecules we’re evaluating in our labs with the best discoveries from outside the company.”

“Chorus, an autonomous unit of Lilly, will also make their clinical-development expertise available to Modulate Therapeutics Inc., enabling an efficient and cost-effective way for the potential medicine to go from candidate selection to clinical proof-of-concept,” said Dr. Luc Marengere.