More resources for Oncostellae. Bio&Tech Smart Capital, a private venture capital fund promoted by the Zendal Group, the Galician businessman Santiago Domínguez and Noso Capital, has invested half a million euros in the Compostela biopharmaceutical company.
In addition, the investment of the fund entails access to the board of directors of Oncostellae, representing Bio&Tech Smart Capital, by Pablo Álvarez. He is the director of open innovation and deputy CEO of Grupo Zendal.
Álvarez explained that “for Bio&Tech Smart Capital, Oncostellae is the company that launches the investee portfolio, thus endorsing our commitment to Galician projects related to life sciences”.
Read more about the financing of Oncostellae and find the most important financial news of the day with the Born2Invest mobile app.
Bio&Tech Smart Capital places Pablo Álvarez on the board of Oncostellae
The economic injection of the Bio&Tech Smart Capital fund is part of the Oncostellae financing round through which it raises a total of €3.3 million to complete phase II clinical trials of the new drug OST-122, restricted to the gastrointestinal tract for the treatment of Inflammatory Bowel Disease. The compound also has potential in Crohn’s disease and intestinal fibrosis, two indications with few available treatments.
In addition, Oncostellae will allocate part of the resources to finance research on the drug OST-499, which represents a new treatment that acts by reactivating cells of the immune system in the tumor microenvironment and, therefore, increasing the efficacy of current immunotherapies. The project is in phase I in patients with colorectal cancer.
Of the €3.3 million in the round, €1.3 million have been covered by the private equity managers Inveready, XesGalicia, FiTalent, and Unirisco, and the biotech entrepreneur Julio Castro, co-founder of Oncostellae, in June 2022.
Oncostellae has obtained €1.3 million from Inveready, XesGalicia, FiTalent, Unirisco, and Julio Castro, co-founder of the company
The Galician biopharmaceutical company anticipates that, once these milestones have been passed, it will be in a position to negotiate a license agreement with a pharmaceutical company or raise a larger financing round to finance confirmatory trials between 2024 and 2026.
Oncostellae’s patented drug OST-122 acts locally on inflamed intestinal tissue, thus avoiding side effects that limit the use of other treatments. In addition, it does not involve injections and minimizes the loss of efficacy due to immunogenicity inherent in biological treatments, and stands out for its potential use for the treatment of more severe manifestations of the disease such as fibrosis and cancer.
Oncostellae, founded in 2013, has a combined experience of more than 25 developed products and has contributed to obtaining several licensing and acquisition agreements. Among them stands out the transfer of licenses from Oryzon to Roche in 2014, for €525 million, and that of Palobiofarma to Novartis in 2015.
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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