PsiOxus closes £22m equity funding round

PsiOxus Therapeutics has closed a round of equity financing totalling £22m, which will enable the Oxford, UK-based biotechnology firm to advance the clinical development of ColoAd1, its novel oncolytic vaccine for the treatment of colorectal and other forms of cancer.

ColoAd1 has been developed using the evolutionary principle of natural selection to generate an oncolytic vaccine with optimal anti-cancer properties. The vaccine is injected into the bloodstream and can replicate in and kill cancer cells but not normal cells. Each infected cell produces thousands of new copies of ColoAd1, which then spread to nearby cancer cells, and kills them as well. PsiOxus says this approach represents a new generation of 'self-amplifying' cancer therapy that kills tumours while having the effect of a cancer vaccine.

The first clinical trial of ColoAd1 will be initiated later this year in patients with metastatic solid tumours, to determine the safety and tolerability of the vaccine.

Dr John Beadle, chief executive of PsiOxus, said: ‘This financing comes at a pivotal time for our company as we move our cancer portfolio from early- to mid-stage clinical development.

‘The new funding will enable key clinical trials to demonstrate the safety and proof of efficacy of these products in the clinic and to highlight the effectiveness of our research and development programme.’

The funding included equal investments from existing investors Imperial Innovations Group and Invesco Perpetual, together with new investments by SR One and Lundbeckfond Ventures.