Oncos Therapeutics raises € 4 million from HealthCap to develop oncolytic viruses into cancer treatments
April 29, 2010. Helsinki, Finland - Oncos Therapeutics, a biotech company developing new cancer therapeutics based on its next generation oncolytic viruses, completed a € 4 million ($ 5.5 million) investment from HealthCap. With committed capital exceeding € 800 million, HealthCap is one of the largest specialized providers of venture capital within life sciences in Europe.
After treating over 200 late stage cancer patients since 2007 with strong safety and efficacy results, Oncos has selected its modified oncolytic adenovirus CGTG-102 as its lead clinical candidate. "This is the first step to turn our Advanced Therapy Access Program results into cancer therapeutics", comments Pekka Simula, CEO and co-founder.
"The results have been strong for late stage solid tumor cancers where routine therapies have failed. Time is critical in the treatment of cancer. We are confident that when treating earlier stage patients, our oncolytic virus therapy will prove even more significant", continues Research Professor Akseli Hemminki, CSO and co-founder.
"Oncolytic viruses are maturing as a new treatment modality in cancer. Oncos, as one of the leading companies in the field, combines very promising results in humans with strong science", comments Dr Johan Christensen, partner at HealthCap.
About Oncos Therapeutics
Oncos Therapeutics develops new cancer therapies based on its next generation oncolytic viruses. The company's unique Advanced Therapy Access Program was started in 2007 for cancer patients in whom standard-of-care therapies have failed. Today, 200 patients have undergone individually tailored oncolytic virus therapy suggesting strong safety and efficacy. The program is based on extensive scientific research at the University of Helsinki and serves as the foundation for ongoing clinical development. Oncos Therapeutics publishes industry's oncolytic virus therapy blog: www.oncolyticvirus.wordpress.com. For more information about Oncos visit: www.oncos.com
HealthCap is a family of multi stage venture capital funds, investing globally in life sciences, with the Odlander Fredrikson Group as their exclusive investments advisor. With committed capital exceeding € 800 million, HealthCap is one of the largest specialized providers of venture capital within life sciences in Europe. For more information visit: www.healthcap.se
About CGTG-102 engineered oncolytic adenovirus
The oncolytic virus CGTG-102 is the lead candidate of Oncos Therapeutics. This modified oncolytic adenovirus combines the established safety of adenovirus therapies with GM-CSF arming and improved tumor cell transduction via capsid modification. The unique design enables high tumor selectivity, sustained anti-tumor immune response, body-wide efficacy, and a very acceptable side effect profile. So far, 18 solid tumor cancers and 200 patients - including children - have been treated with CGTG-102, the data suggesting broad applicability across cancer types.
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