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On Track for Phase II: Peptomyc Opens €25 Million Round

Peptomyc has focused its project on the development of a new generation of cell-penetrating peptides (CPP) targeting the Myc oncoprotein, with the aim of treating different types of cancer. The company’s first candidate has been named OMO103. Peptomyc’s horizon is to reach agreements with pharmaceutical companies until the trial is completed in 2024.

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Peptomyc is seeking capital. The Spanish biotech company has opened a $28.7 million (€25 million) financing round, according to the company’s co-founder, Laura Soucek. The company’s objective is to be able to carry out Phase II of its clinical trial against cancer.

At the moment, this capital increase already has the support of the Italian venture capital fund Aurora Science, in addition to other investors who were already shareholders, such as Alta Life Science, Innvierte, and HealthEquity, as well as several business angels.

The trial, which the company expects to start next summer, is intended to cover three specific types of cancer: triple-negative breast cancer, small cell lung cancer, and colorectal cancer.

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Peptomyc expects to be on the market in approximately three years

Peptomyc has focused its project on the development of a new generation of cell-penetrating peptides (CPP) targeting the Myc oncoprotein, with the aim of treating different types of cancer. The company’s first candidate has been named OMO103.

Peptomyc’s horizon is to reach agreements with pharmaceutical companies until the trial is completed in 2024. Right now, the biotech would focus on the European Union (EU) market, without ruling out any other market on a global scale.

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In December 2020, the biotech company closed a financing round of $13 million (€11.4 million) aimed at financing a large part of Phase I clinical trials. This process is involving fifteen patients in different hospitals in Barcelona and Madrid and is used to evaluate the safety and tolerability of the compound, although it also provides indications of its efficacy.

In December 2020, the biotech closed an $13 million (€11.4 million) financing round

The company was founded in December 2014 and has pivoted on Laura Soucek’s scientific research on Omomyc, a direct Myc inhibitor, for the past twenty years. Peptomyc is a spin-off of the Institute of Oncology of the Vall d’Hebron Hospital in Barcelona (Vhio) and Ia Institució Catalana de Recerca i Estudis Avançats (Icrea) and has fourteen employees. Even so, the company outsources a large part of its services.

Since its inception, the company has raised $19.5 million (€17 million) from private funding and $6.9 million (€6 million) from public institutions, including the Center for the Development of Industrial Technology (Cdti).

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(Featured Image by jarmoluk via Pixabay)

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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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Olivia McCall is passionate about education, women and children’s rights, and the environment. A long-time investor, she covers news about the latest stocks (lately marijuana and tech), IPOs and indices, and is always on the lookout for socially responsible startups. She also writes about the food sector, and has a keen interest on cryptocurrencies.