Immune-Onc Therapeutics Announces Close of Series B Extension Financing, Bringing Total Round to $131 Million
Immune-Onc Therapeutics, a private, clinical-stage cancer immunotherapy company developing novel biotherapeutics targeting myeloid checkpoints has announced the close of an additional $25 million through a Series B extension, for a total of $131 million in Series B financing. This extension was led by existing investor Triwise Capital and with participation from new investors including Proxima Ventures, among others. In addition, the company has received continued strategic capital investments from The Leukemia & Lymphoma Society’s Therapy Acceleration Program® (LLS TAP) and Wuxi Biologics HealthCare Venture.
Proceeds from the financing will be used to accelerate development of Immune-Onc lead clinical candidates, IO-108 and IO-202, and advance the selection of additional novel myeloid checkpoint inhibitor programs. Immune-Onc will provide additional corporate and clinical progress updates during 1:1 investor and prospective partner meetings at the upcoming J.P. Morgan 41st Annual Healthcare Conference.
“Immune-Onc had an incredible year of growth and development with two myeloid-checkpoint inhibitor programs progressing in the clinic in the U.S. and China for multiple types of cancer where great unmet needs remain,” said Charlene Liao, Ph.D., founder, chief executive officer and board chair of Immune-Onc.
“We are confident in the long-term growth prospects for Immune-Onc and believe that our progress this past year provides a compelling foundation for continued success in 2023. We are on track to deliver on several key milestones for our lead clinical candidates, including obtaining proof-of-concept results in leukemia and solid tumor expansion cohorts for IO-202 and IO-108, respectively, completing dose escalation for IO-202 in solid tumors, and further characterizing clinical biomarkers and/or mechanisms of actions for our checkpoint inhibitors that may ultimately lead to new clinical programs.”
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