Martinsried-based iOmx Therapeutics AG has closed a 65 million euros Series B financing round. The financing was led by Athos Service GmbH - the family office of the Strüngmann family - and MIG Capital AG, with participation from existing investors Wellington Partners, Sofinnova Partners and M Ventures.
In 2016, iOmx Therapeutics came up with a first-round financing of 40 million euros, which is rarely seen in Germany. Following a change in management, the immuno-oncology specialist has now raised another substantial sum of 65 million euros.
The company plans to invest the new funds to bring its lead program IMT-07, a SIK3 kinase inhibitor for the treatment of solid tumors, through its first human clinical trial. It also plans to further develop IMT-18, an IGSF11-targeted antibody for the treatment of PD-1/PD-L1-resistant tumors. In addition, iOmx plans to further leverage its target discovery platform, iOTarg, to advance additional novel immune checkpoint programs to the lead candidate stage.
"Using our iOTarg platform, we have already identified two novel immune checkpoint molecules expressed by cancer cells, SIK3 and IGSF11, and demonstrated that blocking these targets with our proprietary drug candidates has anti-tumor activity and the potential to treat tumors that cannot be treated by existing immunotherapies," said Dr. Apollon Papadimitriou, CEO of iOmx. "It gives us great confidence to have the support of such an experienced investor group backing our work to advance immuno-oncology with a focus on our lead program IMT-07, which is scheduled to enter the clinic in late 2022. We look forward to making iOmx a clinical stage company."
Dr. Matthias Kromayer, Managing Partner of MIG Capital, commented, "In the important world of cancer immunotherapy, iOmx's platform technology stands out because it searches for novel, drugable immune checkpoint targets on tumor cells rather than T cells, enabling the development of drugs that can prevent tumor immune evasion." He added, "We are excited to join a world-class investor consortium and to work with a highly talented and dedicated team at iOmx.
Dr. Gerald Moeller, Chairman of iOmx's Board of Directors, commented, "We now have the financial strength to move forward dynamically. It is great to see that our new and existing investors are fully aligned in their enthusiasm and assessment of iOmx's potential. This is a tremendous boost for our management and everyone at the company."