Oxford UK September 2nd 2024.
Theolytics, a clinical‑stage biotechnology company developing next‑generation oncolytic viral therapies, has been awarded £2M from Innovate UK’s prestigious Transforming Cancer Therapeutics grant funding competition to support the clinical development of its lead candidate THEO‑260. This non‑dilutive funding adds to the £19M raised earlier this year from a strong investor syndicate comprising M Ventures, Taiho Ventures, Epidarex Capital, Oxford Science Enterprises, Sound Bioventures and Oxford University Innovation.
Innovate UK, part of UK Research and Innovation, invests in innovative projects that are positioned to advance next‑generation immunotherapies for cancer.
The grant will primarily support the Company’s upcoming Phase 1 multi‑centre, open‑label first‑in‑human trial to evaluate safety and tolerability of THEO‑260 in patients with advanced‑stage platinum‑resistant ovarian cancer and determine the recommended Phase 2 dose. This trial is expected to begin in the coming months.
It will further allow for comprehensive analysis to elucidate and evidence THEO‑260’s unique mechanism of action to destroy cancer cells and immune suppressive stromal cells, whilst also inducing T cell activation, through a comprehensive biomarker study, including the development of novel biomarker tests. Proceeds will also support the evolution of Theolytics as it continues to expand its footprint and reach as a clinical‑stage oncology biotech company.
CSO and Co‑Founder Margaret Duffy shared;