PsiOxus Therapeutics has closed a series B round of equity financing totalling GBP22m (USD34m).
The round included equal investments from existing investors Imperial Innovations Group and Invesco Perpetual together with new investments by SR One and Lundbeckfond Ventures.
The financing round will enable PsiOxus to advance the clinical development of ColoAd1, a systemically available oncolytic vaccine, through a series of phase I and phase II clinical trials for the treatment of colorectal and other forms of cancer.
PsiOxus was formed to commercialise technologies, generated in UK Universities, which were originally seed funded by Imperial Innovations and the Mercia Fund.
Susan Searle, chief executive officer of Imperial Innovations, saiys: “PsiOxus continues to make great strides in translating its truly 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.”
Matthew Foy, partner at SR One, says: “We believe that true scientific and medical breakthroughs come from novel approaches. PsiOxus is taking a unique path to the development of cancer and cancer-related therapeutics.”
Dr John Beadle, chief executive of PsiOxus, adds: “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 programme. We are delighted to have the continued support of our existing investors and proud to add the support of SR One and Lundbeckfond giving us a truly exceptional group of investors.”
