Oncos Therapeutics Raises €4 Million from Healthcap to Develop Oncolytic Viruses into Cancer Treatments
News Apr 29, 2010
Oncos Therapeutics, a biotech company developing new cancer therapeutics based on its next generation oncolytic viruses, completed a € 4 million ($ 5.5 million) investment from HealthCap. With committed capital exceeding € 800 million, HealthCap is one of the largest specialized providers of venture capital within life sciences in Europe.
After treating 200 late stage cancer patients since 2007 with strong safety and efficacy results, Oncos has selected its modified oncolytic adenovirus CGTG-102 as its lead clinical candidate. “This is the first step to turn our Advanced Therapy Access Program results into cancer therapeutics”, comments Pekka Simula, CEO and co-founder.
“The results have been strong for late stage solid tumor cancers where routine therapies have failed. Time is critical in the treatment of cancer. We are confident that when treating earlier stage patients, our oncolytic virus therapy will prove even more significant”, continues Research Professor Akseli Hemminki, CSO and co-founder.
“Oncolytic viruses are maturing as a new treatment modality in cancer. Oncos, as one of the leading companies in the field, and combines very promising results in humans with strong science”, comments Dr Johan Christensen, partner at HealthCap.