Theolytics successfully closes latest financing raising total of £19M ($24.5M) and welcomes Sound Bioventures as new investor
April 17 2024 - 3:00AM
Oxford, UK April 17th,
2024. Theolytics, a biotechnology company developing
next-generation oncolytic viral therapies, today announced it has
successfully closed its latest financing round, raising a total of
£19M ($24.5M) with the addition of Sound Bioventures as a new
investor. Sound Bioventures joins a strong international syndicate
of existing investors participating in the round that includes M
Ventures, Taiho Ventures, Epidarex Capital, Oxford Science
Enterprises and the University of Oxford.
The proceeds from this financing round further
strengthen the company’s position as it advances its lead oncolytic
adenovirus - THEO-260 - into clinical trials in ovarian cancer. The
first trials are planned for this year and will aim to demonstrate
safe, effective administration, and provide insight to the
candidate’s dual cancer/cancer-associated fibroblast-killing and
immunomodulatory mechanism of action when administered by
intravenous or intraperitoneal routes in platinum-resistant ovarian
cancer patients.
Following this investment, Thomas Tan, Principal
at Sound Bioventures, will join Theolytics’ Board of Directors.
Charlotte Casebourne Stock, Chief Executive
Officer of Theolytics, said; “We're on the brink of a potential
step-change for the oncolytic adenovirus field. Our lead asset
THEO-260 will be entering the clinic this year, and at this key
juncture we are pleased to complete this significant financing and
welcome Sound Bioventures as a new investor alongside our existing
investors. Sound Bioventures’ extensive oncology experience,
network, operational expertise and collaborative approach will
bring important benefits to Theolytics and I am delighted to
welcome Thomas Tan to our Board.”
Thomas Tan, Principal at Sound
Bioventures, added; “The oncolytic virus modality is rapidly
evolving, and we believe that Theolytics is well positioned at the
forefront of this exciting therapy area. With THEO-260 about to
enter the clinic, we see a significant opportunity to help bring an
important and potentially practice-changing therapy to the many
women suffering from this fatal disease. I look forward to working
with the Board and management team bringing our hands-on approach
to support the company’s unwavering fight against cancer.”
“THEO-260 has the potential to bring a
much-needed new therapy to ovarian cancer patients and their
families that are impacted by this devastating disease,” said
Mike Grey, Executive Chair of the Board. “Theolytics is at a
pivotal point as it approaches its first clinical trial and we are
delighted to welcome Sound Bioventures, a highly knowledgeable and
experienced investor with extensive oncology and company building
expertise, to our group of leading international investors.”
About Ovarian Cancer (OC)
It is estimated that around 7,500 women in the
UK and 20,000 women in the US will be diagnosed with ovarian cancer
in 2024. More than 75% of cases will be diagnosed at an advanced
stage (grade-III/IV) with less than 25% of patients expected to
survive for more than five years.
Standard-of-care, first-line treatments combine
cytoreductive-surgery, platinum-based chemotherapies, and
paclitaxel. Although initially effective, more than 70% of patients
relapse within three years and become resistant to platinum-based
therapies. There are no effective treatments for platinum-resistant
OC and at this point patients have a life-expectancy of less than
12 months.
About THEO-260
THEO-260 is a next-generation oncolytic
adenovirus for the treatment of (platinum-resistant) ovarian
cancer. It is highly efficacious in killing cancer cells and
cancer-associated fibroblasts in ovarian cancer patient tumour
samples. The destruction of cancer-associated fibroblasts, in
addition to cancer cells, is a potentially differentiating feature
of THEO-260 as cancer-associated fibroblasts in stromal-rich
tumours are a barrier to the effectiveness of many cancer
treatments. THEO-260 is being explored as a therapeutic for
intravenous and intraperitoneal delivery.
About Theolytics
Theolytics is working to develop next-generation
oncolytic viral therapies. The company has pioneered a new approach
to develop efficacious, targeted candidates suitable for systemic
intravenous delivery.
The company is focused on the advancement of its
lead program THEO-260 into the clinic with the ambition of
providing better outcomes for patients with ovarian cancer, for
whom current treatment options are limited. Additional pipeline
programmes in preclinical development include novel candidates
developed for colorectal cancer and hematological malignancies
where there remains significant unmet need.
Theolytics, which was founded in 2017 and is
headquartered in Oxford, UK, is backed by international life
sciences investors M Ventures, Taiho Ventures, Epidarex Capital,
Oxford Science Enterprises, Sound Bioventures and the University of
Oxford.
www.theolytics.com
About our Investors
For more information on our investors please see the following
websites:M Ventures Taiho Ventures Epidarex
Capital Oxford Science EnterprisesSound BioventuresThe
University of Oxford
Contacts
Theolyticsenquiries@theolytics.com