PsiOxus closes Series B round of equity financing

PsiOxus Therapeutics, Ltd. (PsiOxus) announced that it has closed a Series B round of equity financing totaling £22 million ($34 million). The round included equal investments from existing investors Imperial Innovations Group (AIM: IVO, 'Innovations') and Invesco Perpetual together with new investments by SR One and Lundbeckfond Ventures.    

The financing round will enable PsiOxus to advance the clinical development of ColoAd1, a systemically available oncolytic vaccine, through a series of phase I and phase II clinical trials for the treatment of colorectal and other forms of cancer. PsiOxus was formed to commercialise technologies, generated in leading UK Universities, which were originally seed funded by Imperial Innovations and the Mercia Fund.

ColoAd1 is a unique therapeutic candidate developed using the evolutionary principle of natural selection to generate an oncolytic vaccine with optimal anti-cancer properties. The vaccine is injected into the bloodstream and can replicate in and kill cancer cells but not normal cells. Each infected cell produces thousands of new copies of ColoAd1, which then spread to nearby cancer cells and kills them as well. The approach thus represents a new generation of 'self-amplifying' cancer therapy that has both a direct tumor killing and cancer vaccine effect. The first clinical trial of ColoAd1 will be initiated later this year in patients with metastatic solid tumours, to determine the safety and tolerability of the vaccine.

Commenting on the announcement, Susan Searle, Chief Executive Officer of Imperial Innovations, said, "PsiOxus continues to make great strides in translating its truly novel science into therapies that address major unmet medical needs for patients. We believe that ColoAd1 can represent a significant breakthrough in oncolytic vaccines and has the potential to open an entirely new approach to cancer therapy."

Matthew Foy, Partner at SR One, commented: "We believe that true scientific and medical breakthroughs come from novel approaches. PsiOxus is taking a unique path to the development of cancer and cancer-related therapeutics."

Mette Kirstine Agger, Managing Partner of Lundbeckfond Ventures, added: "We are truly excited by the potential of ColoAd1 within the global cancer market where there is still significant unmet medical need."

Dr John Beadle, CEO of PsiOxus, commented: "This financing comes at a pivotal time for our company as we move our cancer portfolio from early- to mid-stage clinical development. 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. We are delighted to have the continued support of our existing investors and proud to add the support of SR One and Lundbeckfond giving us a truly exceptional group of investors."