DGAP-News: MIG CAPITAL AG / Key word(s): Financing
MIG Fonds leads €65 million Series B financing of iOmx Therapeutics
Munich, 5 October 2021
MIG Capital AG, one of Germany's leading venture capital firms, announced today that it is investing in iOmx Therapeutics AG, a biopharmaceutical company developing cancer therapeutics based on next generation immune checkpoint targets, as part of a €65 million Series B round. The financing was led by MIG and ATHOS, the Strüngmann family office, with participation from existing investors Wellington Partners, Sofinnova Partners and M Ventures. iOmx plans to use the new capital to advance its lead program IMT-07, a SIK3 kinase inhibitor to treat solid tumors, through the first-in-man clinical trial, and to further develop IMT-18, a first-in-class monoclonal antibody against IGSF11 to treat PD-1/PD-L1-resistant tumors. In addition, iOmx will continue to leverage its target discovery platform, iOTarg, to advance additional novel immune checkpoint programs to lead candidate stage.
iOmx specializes in developing first-in-class cancer therapeutics addressing novel immune checkpoint modulators on tumor cells. The company was founded in 2016 based on research conducted at the German Cancer Research Center by oncology expert and co-founder Prof. Philipp Beckhove and Dr. Nisit Khandelwal. iOmx has developed a systematic, high-throughput genetic screening platform (iOTarg(TM)) to identify immune checkpoint molecules that inhibit T cell-mediated tumor cell killing. The company is developing inhibitors of these novel immune regulators for use in oncological indications.
"Using our iOTarg platform, we have previously identified two novel immune-checkpoint molecules expressed by cancer cells, SIK3 and IGSF11, and shown that blocking these targets with our proprietary drug candidates has anti-tumor effects and the potential to treat tumors that cannot otherwise be addressed by existing immune therapies," said Dr. Apollon Papadimitriou, CEO of iOmx. "It gives us great confidence to have the support of such an experienced group of investors, encouraging our work to advance immune-oncology science with focus on our lead program IMT-07 to enter the clinic in late 2022. We are excited about transforming iOmx into a clinical stage company."
Dr. Matthias Kromayer, Managing Partner of MIG Capital, commented: "In the vital world of cancer immunotherapy, iOmx's platform technology stands out because it screens for novel druggable immune checkpoint targets on tumor cells instead of T cells, thereby allowing the development of drugs that can prevent tumor immune evasion." He added: "We are pleased to join a world-class investor consortium and to begin to work with a highly talented and dedicated team at iOmx". He concluded "iOmx is a continuation of our investment strategy to nurture home-grown, cutting-edge companies. It is the 9th investment by MIG Fonds 16, further strengthening and maturing our fund's portfolio."
About iOmx Therapeutics
iOmx Therapeutics (www.iomx.com) is a biopharmaceutical company focused on developing first-in-class cancer immunotherapies addressing novel immune checkpoints hijacked by cancer cells. Utilizing its iOTarg(TM) high-throughput screening platform, iOmx has identified a number of proprietary tumor-associated next-generation immune checkpoints and is advancing a preclinical stage pipeline of promising drug candidates that have the potential to address cancers that are resistant to current immunotherapies. The company's lead program IMT-07 targets SIK3, an immune protective kinase in multiple solid tumors; the IMT-18 program is a first-in-class antibody designed to inhibit IGSF11, an immune checkpoint in PD-1/PD-L1-resistant tumors. Founded in 2016 based on the work of its scientific founders Philipp Beckhove, MD, and Nisit Khandelwal, Ph.D., conducted at the German Cancer Research Center, iOmx is backed by international venture capital investors, such as Wellington Partners, Sofinnova Partners and M Ventures as well as MIG Capital and Athos Service. iOmx is based in Martinsried/Munich, Germany.
About MIG Capital AG
MIG Capital AG (formerly MIG Verwaltungs AG) is one of the leading German VC investors. MIG invests through the MIG funds in young deep tech and life sciences companies in German-speaking Europe and beyond. The company has so far invested over €600 million in over 40 companies. MIG's portfolio companies develop innovations in areas such as biopharmaceuticals, artificial intelligence / machine learning, quantum technologies, digitization / IoT, precision medicine and digital health. The MIG investment portfolio currently consists of 28 companies.
MIG's investment team consists of a committed group of experts of engineers, biologists, scientists and investors who use analytical and creative processes to evaluate the risks and opportunities of business models and technologies. Their reputation, their experience and their network provide excellent access to companies, institutions and decision-makers in order to support the growth of their portfolio companies.
In recent years, MIG AG has successfully sold its portfolio companies SuppreMol (to Baxter in 2015), sunhill technologies (to Volkswagen in 2015), Ganymed (to Astellas in 2016) and Siltectra (to Infineon in 2018), and led BRAIN (in 2017), NFON (in 2018), BioNTech (in 2019) and Immatics (in 2020) to listings on stock exchanges.
Dr. Matthias Kromayer, Managing Partner MIG Capital AG
05.10.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.