PsiOxus Raises $34M to Take Oncolytic Virus Into Clinic
Technology commercialization and investment firm Imperial Innovations led a £22 million (about $34 million) funding round for PsiOxus Therapeutics. The financing will support Phase I and Phase II development of ColoAd1, PsiOxus’ chimeric oncolytic virus. The fundraising comprised £5.5 million each invested by Imperial Innovations and Invesco Perpetual, and new investors SR One and Lundbeckfond Ventures, who invested £11 million between them. Imperial Innovations now holds a 26% stake in PsiOxus.
PsiOxus Therapeutics was formed in 2010 through the merger of Imperial College, London spin-out Myotec Therapeutics, and Hybrid Biosystems, which originally developed the adenovirus-based ColoAd1 in collaboration with Bayer Schering. The broad-spectrum oncolytic virus has been developed using evolutionary approaches, and will initially be developed for the treatment of metastatic colorectal cancer and primary hepatocellular carcinoma. Last September PsiOxus received a Translation Award from the Wellcome Trust worth up to £1.8 million to support clinical development of the viral vaccine candidate.
PsiOxus’ lead clinical-stage candidate, MT-102, was originally developed by Myotec. The small molecule drug is an anabolic catabolic transforming agent (ACTA) in Phase II development for treating cancer therapy-related cachexia and sarcopenia.