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11-07-2012: Imperial Innovations Group plc has led a £22m funding round for PsiOxus Therapeutics, alongside Invesco Perpetual, and together with new investors SR One and Lundbeckfond Ventures.
PsiOxus Therapeutics, based in Oxfordshire, is a development stage biotechnology company using non-traditional approaches to novel therapeutics for cancer, wasting diseases and other unmet clinical needs.
PsiOxus will use the funds to advance the clinical development of ColoAd1, a highly potent broad-spectrum anti-cancer therapeutic capable of destroying tumour cells at minute concentrations. A series of phase I and phase II clinical trials for the treatment of colorectal cancer and other forms of solid cancer will be initiated. 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 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.
Innovations and Invesco Perpetual each invested £5.5 million in this round. The company was also supported by new investors SR One and Lundbeckfond Ventures who invested the remaining £11 million. Following the investment Innovations will hold a 26% stake in the Company.
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