Oxford-based biotech company, Theolytics has announced the closing of a US $6.8 million (£5 million) Series A round.
The round was co-led by Epidarex Capital and Taiho Ventures LLC with participation from existing investor, Oxford Sciences Innovation (OSI).
The financing will be used to progress the company’s pipeline of candidates towards human clinical trials.
WHY IT MATTERS
Theolytics will use the funding to build on its plans to create a change in the oncolytic viral therapy field. The company aims to accomplish this by using its phenotypic screening platform to discover and develop targeted candidates, suitable for intravenous delivery and optimised for a chosen cancer patient population.
THE LARGER CONTEXT
The Decentralized Trials and Research Alliance (DTRA) recently launched to accelerate the adoption of patient-focused decentralised clinical trials and research, with unite stakeholders across the health spectrum to further policies and research practices.
ON THE RECORD
Theolytics' co-founder and CSO, Margaret Duffy told MobiHealthNews: "At Theolytics we are using evolutionary approaches to develop oncolytic therapies for a very specific task - to outsmart some of the most difficult to treat cancers. Theolytics' Platform maximises nature's toolbox to identify candidates with superior therapeutic benefits. This funding will allow us to effectively progress these new immunotherapies toward clinical trials."
Charlotte Casebourne, CEO of Theolytics said: “Oncolytic viruses represent a unique therapeutic paradigm within oncology. Theolytics’ platform technology enables a fundamental shift in what is possible; combining the power of bioselection with a patient-centric approach to drug discovery, we are able to address many of the challenges that have prevented the field from delivering on its full potential. Our team are committed to discovering and developing candidates for some of the most challenging cancers, and I’m delighted that Epidarex and Taiho Ventures have chosen to support us on our journey.”