Netherlands-based molecular drug developer iOnctura has completed a €17m ($18.7m) series A round featuring M Ventures, the corporate venturing arm of pharmaceutical firm Merck Group.
Venture capital firms Inkef Capital and VI Partners co-led the round, which included asset management firm Schroder Adveq.
Spun off from founding investor Merck in 2017, iOnctura is working on therapies for fibrosis and cancer, and will use the series A funding to advance lead molecule IOA-244 into a phase 1 clinical trial for solid tumours.
The proceeds will also support the journey of a second candidate, IOA-289, into investigational new drug-enabling studies. The company’s approach involves bringing together immune-mediated and direct anti-tumour activity in a single molecule.
M Ventures investment director Hakan Goker is also iOnctura’s chairman. He said: “We helped found iOnctura to deliver clinical validation of emerging new biology around direct and immune mediated effects of key targets in cancer and fibrosis.
“The differentiated and targeted clinical approach iOnctura is using offers significant potential to treat patients with life-threatening diseases. We are excited to provide continued support to iOnctura as it advances its pipeline into the clinic.”
