IO Biotech closes €8.5 million Series A Round
IO Biotech announced successful closure of the €8.5 million second tranche series A investment round. Participants were existing investors Lundbeckfonden and Novo Seeds plus new investor Sunstone Capital.
IO Biotech develops novel therapeutic immuno-oncology vaccines targeting immune check point inhibitory targets to treat cancer. IO Biotech is focused on unlocking the full potential of the immune system to recognize and attack cancer cells. Check point vaccines have a unique dual mode of action leading to simultaneous activation of anti-cancer immune responses and direct killing of tumor cells in contrast to known check point inhibitors in clinical use. By leveraging the ability of the natural immune system to fight cancer, the pipeline of IO Biotech has the potential to significantly provide novel effective treatments to the benefit of patients in need.
IO Biotech is planning first dosing of patients in a randomized clinical phase II study of its lead IDO candidate in non-small cell lung carcinoma (NSCLC) in 2017 including clinical centres in both Europe and the US. “Immuno-oncology remains a highly competitive area and we are very excited to be commencing this comprehensive study in NSCLC to fully validate the potential of our dual action IDO check point cancer vaccine. Our current data are very convincing and we now have an even stronger investor syndicate in place to support the company in the next phase. I am very pleased to welcome Sunstone on board; they bring valuable competencies and extensive knowledge on drug development to the company”, says Mai-Britt Zocca, CEO of IO Biotech.
Sunstone Capital’s Claus Andersson comments “We have followed IO Biotech intensely over the past year and are impressed by their scientific approach and progress, the passionate team and – most importantly – the promising perspectives of this new type of treatment in the immuno-oncology setting”.
In addition to the IDO NSCLC study, investigator driven clinical trials are planned exploring combining the company vaccines with other already approved drugs or as a monotherapy.
About IO Biotech
IO Biotech ApS is a clinical stage biotech company developing disruptive immune therapies i.e. checkpoint/cancer vaccines. Checkpoint/cancer vaccines suppress the function of regulatory immune cells and induce inflammation in the microenvironment in addition to direct targeting of cancer cells.
Source: IO Biotech Press Release