Denmark-based cancer therapy developer IO Biotech secured €127m ($154m) on Wednesday in a series B round featuring pharmaceutical companies Novo and Lundbeck, which participated through Lundbeckfonden Emerge and Novo Seeds respectively.
HBM Healthcare Investments led the round, which included Sunstone Life Science Ventures, Vivo Capital, Kurma Partners, Avoro Capital, RA Capital Management, Samsara Biocapital, Idinvest Partners, PFM Health Sciences, Soleus Capital, Eir Ventures and Serrado Capital.
IO Biotech is developing immuno-oncology therapies that can recognise and eliminate tumour cells and immune suppressive cells using its technology platform, T-win.
The company was granted a breakthrough therapy designation by the US Food and Drug Administration for its lead drug candidates, IO102 and IO103, last month. The funding will support clinical trials for its pipeline that will include a trial for IO102 and IO103 in metastatic melanoma.
Lundbeckfonden Emerge managing partner Christian Elling said: “IO Biotech is building a significant immunotherapy pipeline based on compelling scientific and clinical validation.
“Together we can accelerate the development of the company’s unique breakthrough cancer medicines to the benefit of patients and physicians.”
IO Biotech had previously closed a series A round featuring Lundbeckfonden, Novo Seeds and Sunstone Capital at $20.8m in 2016.