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.
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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This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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