65 million euros for cancer therapy start-up

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

Since the coronavirus pandemic, interest in start-ups in the healthcare sector has increased worldwide. Everything new is watched with excitement, including the start-up Iomx Therapeutics, which is dedicated to the development of cancer drugs. Iomx has now raised 65 million euros in its latest financing round. The investors are Athos, the investment company of the Strüngmann Family Office, and MIG Capital, who are leading the round. The existing investors Wellington Partners, Sofinnova Partners and M Ventures are also participating.

"I am delighted that the new and existing investors are in full agreement in their enthusiasm and their assessment of the future potential of iOmx. This is a tremendous boost for our management and all employees in the company," says 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. These checkpoints must first be identified in order to develop cancer therapies that target these checkpoints. The money now raised will be used for a clinical trial and the further development of an antibody for treatment.

"Our research has shown that blocking these target molecules 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. He comments on the current financing round: "The support from such an experienced group of investors inspires us and encourages us to consistently drive our immuno-oncology research and development forward."