PsiOxus Therapeutics amassed $34 million for its Series B. The round will allow the London-based company to move forward with clinical development of a systemically available oncolytic vaccine for the treatment of colorectal and other forms of cancer, ColoAd1, through a series of Phase I and Phase II clinical trials, according to a release.
The lead vax is designed to replicate in and kill only cancer cells. The infected cells then reproduce, fanning out as cancer-fighting agents. The so-called "self-amplifying" cancer therapy both kills tumors and acts as a cancer vaccine.
Money for the trials comes from existing investors, Imperial Innovations Group and Invesco Perpetual. And PsiOxus has brought on new investments from GlaxoSmithKline's ($GSK) venture unit SR One and Lundbeckfond Ventures.
"This financing comes at a pivotal time for our company as we move our cancer portfolio from early- to mid-stage clinical development," said Dr. John Beadle, CEO of PsiOxus, as quoted in a release. "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 program."
The first clinical trial of ColoAd1 will take place later this year in patients with metastatic solid tumors.
- read the release
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