65 million euros for cancer therapy start-up

Around half a million people contract cancer in Germany every year, and start-ups such as Biontech and Iomx are also researching the therapies. The latter has now received funding for the further development of its therapies.

Since the Corona pandemic, interest in start-ups in the healthcare industry has increased worldwide. Anything new is watched with excitement, including startup Iomx Therapeutics, which is dedicated to developing cancer drugs. In its latest round of funding, Iomx has now raised €65 million. The backers are Athos, the investment company of the Strüngmann Family Office, and MIG Capital, which lead the round. In addition, existing investors Wellington Partners, Sofinnova Partners and M Ventures are participating.

"I am delighted that the new and existing investors are fully aligned in their enthusiasm and assessment of iOmx's future potential. This is a tremendous boost for our management and all employees in the company," said a delighted Gerald Moeller, Chairman of the Supervisory Board. The start-up is a spin-off of the German Cancer Research Center and is now based in Martinsried near Munich.

Iomx develops cancer immunotherapies that target checkpoints hijacked by cancer cells. In order to do this, these checkpoints must first be identified so that cancer therapies can later be developed that target these checkpoints. The money raised now will be used for a clinical trial and further development of an antibody for treatment.

"Our research has shown that blocking these targets with our proprietary compounds has an anti-tumor effect and at the same time the potential to treat tumors that do not respond to currently available immunotherapies," says Apollon Papadimitriou, CEO of iOmx. Commenting on the current round of funding, he says: "The support of such an experienced group of investors inspires us and encourages us to consistently push forward with our immuno-oncology research and development."