University of Copenhagen Spin-out Raises $154m Targeting Novel Immune-Modulating Anti-Cancer Therapies

University of Copenhagen Spin-out Raises $154m Targeting Novel Immune-Modulating Anti-Cancer Therapies

IO Biotech, a Danish clinical-stage biotech venture developing novel, immune-modulating anti-cancer therapies based on its proprietary T-win® technology raised EUR 127 million in Series B financing, led by HBM Healthcare Investments as well as new investors such as Vivo Capital, Kurma Partners, Avoro Capital, RA Capital Management, Samsara Biocapital, Indinvest Partners1, PFM Health Sciences, Soleus Capital, Eir Ventures and Serrado Capital. Existing investors such as Novo Seeds, Lundbeckfonden, Emerge and Sunstone Life Sciencs Ventures put more money in. The company was granted breakthrough therapy designation for a combination of the potential therapies IO102 and IO103 with anti-PD-1 monoclonal antibodies for patients with unresectable or metastatic melanoma. The company will use the new funds to fund clinical trials for its early and late-stage immuno-oncology program, including a large randomized trial for IO102 and IO103 with anti-PD-1 monoclonal antibodies in metastatic melanoma.

Founded in 2014, IO Biotech is located in Copenhagen and was a spin-out from the Centre for Cancer Immune Therapy (CCIT), University of Copenhagen Herlev Hospital, Denmark. CCIT actually provides infrastructure of certified clinical grade laboratory for preparation of therapeutic products.

Who are the Investors?

The lead, HBM Healthcare Investments, runs out of Switzerland while Vivo Capital has offices across continents with its headquarters in Palo Alto (Silicon Valley).  Kurma Partners emphasize life science investments out of France and Germany while New York-based Avoro Capital also focuses on life sciences.

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