Tollys raises €2.3 million in a series A financing round
The biotech company Tollys has recently announced a $2.53 million (€2.3 million) Series A financing round. The funds raised will be used to advance the preclinical development of TL-532. It induces apoptosis death of cancer cells, thereby releasing a myriad of tumor-specific antigens, while activating the immune system to generate a T cell response against these tumor antigens.
Tollys, which is developing TL-532, the first anti-cancer immunotherapy based on a synthetic agonist specific for the Toll-like receptor 3 (TLR3) receptor, has just announced a $2.53 million (€2.3 million) Series A financing round. This fundraising is bringing the total amount raised by the company since its creation in 2015 to $7 million (€6.4 million). The preclinical proof of concept for TL-532, which supports its development for clinical trials, was the key factor in winning the investors’ support.
The historical shareholders were joined for this round by new private investors. The funds raised will be used to advance the preclinical development of TL-532. In particular, Tollys will use the financing to produce TL-532 and to initiate the regulatory safety studies required prior to clinical trials in bladder cancer planned for late 2021/early 2022.
If you want to find out more details about Tollys Series A funding, how the biotech company plans to use the money for the development of the TL-532 receptor and to read the most important business headlines in the world, download the Born2Invest mobile app.
The Board of Directors was extended with three new members
Three new members of the Board of Directors join Jacques-François Martin, President of Tollys. They are Dr. Dino Dina, former CEO of Dynavax and Chiron Vaccines, Mr. Philippe Goupit, a veteran of the biotechnology and pharmaceutical industry, and Ms. Céline Baque Saint-Olive, CEO of Noraker, representing some of Tollys’ private investors.
“Tollys is delighted to have the support of its investors for this Series A and to welcome three experienced executives to its Board of Directors,” said Jacques-François Martin, President of Tollys. “This is a clear signal of support for our company, our vision and our ability to fulfill our commitments for TL-532, a novel cancer immunotherapy that has shown great promise.”
TL-532 is a TLR3-specific agonist with a triple mechanism of action
TL-532 induces apoptosis death of cancer cells, thereby releasing a myriad of tumor-specific antigens while activating the immune system to generate a T cell response against these tumor antigens. In addition, it alters the tumor microenvironment by producing cytokines and chemokines, which prevent tumor development. The newly created T-lymphocytes then destroy the remaining cancer cells and prevent cancer from coming back via a vaccination mechanism.
The TLR3 receptor is a validated target in oncology, but no TLR3 agonists are commercially available at this time. TL-532 is the first synthetic TLR3 agonist with a fully defined double-stranded RNA sequence, facilitating its production. As a result, TL-532 has best-in-class potential and is the first of its kind on the market.
“Securing the support of our investors for this A-series is an important step in the development of the company, and moves us into the next exciting phase, the preparation of the first clinical trials,” said Vincent Charlon, CEO of Tollys. “Patients with non-muscle-invasive bladder cancer where standard BCG treatment has failed need more effective treatment options to avoid having to undergo radical cystectomy. TL-532 will be administered intravesically, following a procedure well known to urologists.”
Every year, 430,000 patients worldwide are diagnosed with bladder cancer, 90% of which are non-muscle-invasive bladder cancers (NMISBC). The current standard treatment is transurethral tumor resection followed by BCG therapy. In 70% of cases, BCG therapy fails or patients experience a relapse. In the absence of other treatment options, radical cystectomy is recommended to eliminate bladder cancer.
(Featured image by madartzgraphics via Pixabay)
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