iOmx Therapeutics AG (iOmx), a biopharmaceutical company developing cancer therapeutics based on next generation immune checkpoint targets, today announced the closing of a Series B round totaling EUR 65 million. The financing was co-led by Athos Service GmbH – the Strüngmann family office – and MIG Capital AG, with participation from existing investors Wellington Partners, Sofinnova Partners and M Ventures.
The new funds will be invested to advance the company’s lead program IMT-07, a SIK3 kinase inhibitor to treat solid tumors, through the first-in-man clinical trial, and to further develop IMT-18, a first-in-class IGSF11-targeting antibody to treat PD-1/PD-L1-resistant tumors. In addition, iOmx will continue to leverage its target discovery platform, iOTarg, to advance additional novel immune checkpoint programs to lead candidate stage.
“Using our iOTarg platform, we have previously identified two novel immune-checkpoint molecules expressed by cancer cells, SIK3 and IGSF11, and shown that blocking these targets with our proprietary drug candidates has anti-tumor effects and the potential to treat tumors that cannot otherwise be addressed by existing immune therapies,” said Dr. Apollon Papadimitriou, CEO of iOmx. “It gives us great confidence to have the support of such an experienced group of investors, encouraging our work to advance immune-oncology science with focus on our lead program IMT-07 to enter the clinic in late 2022. We are excited about transforming iOmx into a clinical stage company.”
Dr. Matthias Kromayer, Managing Partner of MIG Capital, commented: “In the vital world of cancer immunotherapy, iOmx’s platform technology stands out because it screens for novel druggable immune checkpoint targets on tumor cells instead of T cells, thereby allowing the development of drugs that can prevent tumor immune evasion.” He added: “We are pleased to join a world-class investor consortium and to begin to work with a highly talented and dedicated team at iOmx”.
Dr. Gerald Moeller, Chairman of iOmx’ Supervisory Board commented: “We now have the financial power to dynamically move forward. It is great to see that our new and continuing investors are fully aligned on their excitement and view of iOmx’ potential. This is an enormous boost for our management and all people at the company.”