Innovations Leads £22m Funding Round for PsiOxus Therapeutics
News Jul 10, 2012
Imperial Innovations Group plc has led a £22m funding round for PsiOxus Therapeutics, alongside Invesco Perpetual, and together with new investors SR One and Lundbeckfond Ventures.
PsiOxus Therapeutics, based in Oxfordshire, is a development stage biotechnology company using non-traditional approaches to novel therapeutics for cancer, wasting diseases and other unmet clinical needs.
PsiOxus will use the funds to advance the clinical development of ColoAd1, a highly potent broad-spectrum anti-cancer therapeutic capable of destroying tumour cells at minute concentrations.
A series of phase I and phase II clinical trials for the treatment of colorectal cancer and other forms of solid cancer will be initiated.
ColoAd1 is a unique therapeutic candidate developed using the evolutionary principle of natural selection to generate an oncolytic vaccine with optimal anti-cancer properties.
The first clinical trial of ColoAd1 will be initiated later this year in patients with metastatic solid tumours, to determine the safety and tolerability of the vaccine.
Innovations and Invesco Perpetual each invested £5.5 million in this round.
The company was also supported by new investors SR One and Lundbeckfond Ventures who invested the remaining £11 million. Following the investment Innovations will hold a 26% stake in the Company.
Susan Searle, Chief Executive Officer, Imperial Innovations, said: “PsiOxus continues to make great strides in translating its novel science into therapies that address major unmet medical needs for patients. We believe that ColoAd1 can represent a significant breakthrough in oncolytic vaccines and has the potential to open an entirely new approach to cancer therapy.”
Dr John Beadle, Chief Executive Officer, PsiOxus, said: “This financing comes at a pivotal time for our company as we move our cancer portfolio from early- to mid-stage clinical development. The new funding will enable key clinical trials to demonstrate the safety and proof of efficacy of these products in the clinic and to highlight the effectiveness of our research and development program. We are delighted to have the continued support of our existing investors and proud to add the support of SR ONE and the Lundbeck Fund giving us a truly exceptional group of investors.”