- Sound Bioventures joins strong international syndicate comprising M Ventures, Taiho Ventures, Epidarex Capital, Oxford Science Enterprises and the University of Oxford
- New funding enables Theolytics to advance lead candidate THEO-260 through to clinical proof of concept
- Phase 1 clinical trial for THEO-260 in ovarian cancer planned to start this year
Stockholm, Sweden and Washington D.C., USA – 17 April 2024 - Sound Bioventures, a venture capital fund investing in about-to-be clinical or clinical stage private companies in Europe and the USA developing specialty therapeutics, today announced a new investment in Theolytics, a UK biotechnology company developing next-generation oncolytic viral therapies. Sound Bioventures participated in the financing round, which raised a total of £19M ($24.5M), and joins a strong existing investor syndicate comprising M Ventures, Taiho Ventures, Epidarex Capital, Oxford Science Enterprises and the University of Oxford.
In conjunction with this financing, Thomas Tan, Principal at Sound Bioventures, will join Theolytics’ Board of Directors.
Proceeds from the new financing will further strengthen Theolytics’ position as it advances its lead oncolytic adenovirus - THEO-260 - into clinical trials in ovarian cancer. The first trials are planned for 2024 and will aim to demonstrate safe, effective administration, and provide insight into the candidate’s dual cancer/cancer-associated fibroblast-killing and immunomodulatory mechanism of action when administered by intravenous or intraperitoneal routes in platinum-resistant ovarian cancer patients.
Thomas Tan, Principal at Sound Bioventures, said; “The oncolytic virus modality is rapidly evolving, and we believe that Theolytics is well positioned at the forefront of this exciting therapy area. With THEO-260 about to enter the clinic, we see a significant opportunity to help bring an important and potentially practice-changing therapy to the many women suffering from this fatal disease. I look forward to working with the Board and management team bringing our hands-on approach to support the company’s unwavering fight against cancer.”
Charlotte Casebourne Stock, Chief Executive Officer of Theolytics, added; “We're on the brink of a potential step-change for the oncolytic adenovirus field. Our lead asset THEO-260 will be entering the clinic this year, and at this key juncture we are pleased to complete this significant financing and welcome Sound Bioventures as a new investor alongside our existing investors. Sound Bioventures’ extensive oncology experience, network, operational expertise and collaborative approach will bring important benefits to Theolytics and I am delighted to welcome Thomas Tan to our Board.”
“THEO-260 has the potential to bring a much-needed new therapy to ovarian cancer patients and their families that are impacted by this devastating disease,” said Mike Grey, Executive Chair of the Theolytics Board. “Theolytics is at a pivotal point as it approaches its first clinical trial and we are delighted to welcome Sound Bioventures, a highly knowledgeable and experienced investor with extensive oncology and company building expertise, to our group of leading international investors.”
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About Sound Bioventures
Sound Bioventures is a specialist life sciences venture capital fund investing in about-to-be clinical or clinical stage private companies in Europe and the USA developing specialty therapeutics in areas of significant clinical unmet need. The founding team has an active, hands-on approach and brings considerable operational and VC investment experience, including working together on over 40 investments over the past 15 years.
Sound Bioventures operates from key locations in Copenhagen (Denmark), Stockholm (Sweden) and Washington DC (USA).
For more information see our website Sound Bioventures – Venture Capital Fund
Contacts
Sound Bioventures
info@soundbioventures.com
Medistrava Consulting: Frazer Hall / Mark Swallow
SoundBioventures@medistrava.com
About Theolytics
Theolytics is working to develop next-generation oncolytic viral therapies. The company has pioneered a new approach to develop efficacious, targeted candidates suitable for systemic intravenous delivery.
The company is focused on the advancement of its lead program THEO-260 into the clinic with the ambition of providing better outcomes for patients with ovarian cancer, for whom current treatment options are limited. Additional pipeline programmes in preclinical development include novel candidates developed for colorectal cancer and hematological malignancies where there remains significant unmet need.
Theolytics, which was founded in 2017 and is headquartered in Oxford, UK, is backed by international life sciences investors M Ventures, Taiho Ventures, Epidarex Capital, Oxford Science Enterprises, Sound Bioventures and the University of Oxford.
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