Theolytics awarded significant £2M Transforming Cancer Therapeutics grant from Innovate UK

02 September 2024

Theolytics, a clinical-stage biotechnology company developing next-generation oncolytic viral therapies, has been awarded £2M from Innovate UK’s prestigious Transforming Cancer Therapeutics grant funding competition to support the clinical development of its lead candidate THEO-260.

This non-dilutive funding adds to the £19M raised earlier this year from a strong investor syndicate comprising M Ventures, Taiho Ventures, Epidarex Capital, Oxford Science Enterprises, Sound Bioventures and Oxford University Innovation.

Innovate UK, part of UK Research and Innovation, invests in innovative projects that are positioned to advance next-generation immunotherapies for cancer.

The grant will primarily support the Company’s upcoming Phase 1 multi-centre, open-label first-in-human trial to evaluate safety and tolerability of THEO-260 in patients with advanced-stage platinum-resistant ovarian cancer and determine the recommended Phase 2 dose. This trial is expected to begin in the coming months.

It will further allow for comprehensive analysis to elucidate and evidence THEO-260’s unique mechanism of action to destroy cancer cells and immune suppressive stromal cells, whilst also inducing T cell activation, through a comprehensive biomarker study, including the development of novel biomarker tests. Proceeds will also support the evolution of Theolytics as it continues to expand its footprint and reach as a clinical-stage oncology biotech company.

Margaret Duffy, CSO and Co-founder of Theolytics, said: “We are excited to be edging closer to providing a treatment option for women with ovarian cancer. This is a devastating disease for which current treatment options are limited. We are grateful for the support of Innovate UK in partnering with us to help achieve our aim to transform the lives of cancer patients.”

Miriam Bazan Peregrino, VP of Translational Development at Theolytics, said: “This competitive award from Innovate UK in the category of ‘Transforming Cancer Therapeutics’ reflects the novelty of our research as well as our ability to deliver operational excellence as we move forward to the clinic. This will allow us to precisely demonstrate the mechanism of action of THEO-260, which we anticipate will provide key information to enhance further development of this immunotherapeutic oncolytic virus and our wider platform."

For more information, please visit www.theolytics.com

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