UK-based Kesios Therapeutics closes a £19M Series A financing from Imperial Innovations, SV Life Sciences and Abingworth
Kesios Therapeutics Ltd (“Kesios”), an earlystage company developing novel therapeutics for the treatment of multiple myeloma and other cancers, has announced the successful closing of a £19 million (approx. $28.5 million) Series A financing. The syndicate compromises a consortium of leading venture investors, including Imperial Innovations Group plc (AIM: IVO), and international investment groups, SV Life Sciences and Abingworth.
“Kesios has made swift progress in building a world-class management team to advance its innovative science and drug development. Being able to attract coinvestors such as SV Life Sciences and Abingworth is testament to the potential of Kesios’ approach,” noted Maina Bhaman, Director of Healthcare Ventures, Imperial Innovations.
As part of the Series A Investment Kate Bingham, SV Life Sciences, and Kurt von Emster, Abingworth, have joined the Kesios Board.
Kate Bingham, Managing Partner at SV Life Sciences said: “We are thrilled to be backing such a strong oncology management team, led by Dr Paoletti, with a great record in translating novel scientific ideas into clinically meaningful new drugs for patients.”
“Kesios’ novel targeted oncology approach and innovative global clinical path makes this an exciting investment,” said Kurt von Emster, Managing Partner of Abingworth.
Kesios is developing drug candidates that exploit a novel target within the nuclear factor kappa B (NF-κB) pathway. The target appears to be critical in promoting cancer cell survival in certain white blood cells of patients with multiple myeloma and other malignancies.
Concurrent with the financing, Kesios has expanded its leadership team appointing Paolo Paoletti, MD, as Chief Executive Officer. He joined the company as Executive Chairman earlier in 2015. Jane Robertson, MD, joined as Chief Medical Officer after leading clinical development activities at AstraZeneca for a number of oncology products, including most recently the development and registration in the EU and US of Lynparza®. Peter Charlton was appointed Chief Scientific Officer having previously worked at Vertex as VP, Biology. Dayle Hogg has also joined Kesios as Chief Operating Officer following his role as an investment manager at Imperial Innovations.
“With this substantial Series A financing, a team of experienced and highly motivated scientists, supported by a strong investment syndicate, has been put in place to deliver a new treatment option for patients with multiple myeloma,” said Paolo Paoletti, CEO.
“The science developed at Imperial College London has led to the identification of a new target pathway to exploit in multiple myeloma and a clinical candidate that appears to restore apoptosis in myeloma cancer cells. We are now well placed to explore if this novel mechanism of action may have an impact on patients with multiple myeloma,” Dr Paoletti added.
Source: Kesios Press Release