UK-based immuno-oncology company PsiOxus Therapeutics closed a £25m ($39m) series C round earlier today from investors including SR One, the corporate venturing subsidiary of pharmaceutical company GlaxoSmithKline.
Imperial Innovations, the technology transfer office of university Imperial College London, led the round, which also featured Lundbeckfond Ventures, the investment vehicle of pharmaceutical group Lundbeck.
Investment management company Invesco, venture capital firm Mercia Technologies and Woodford Investment Management, which invested through its Patient Capital Trust fund, also participated.
PsiOxus has developed a cancer treatment called Enadenotucirev that forces cancer cells to produce antibodies, and which can be delivered intravenously. It will use the series C funding to support a Phase 1 clinical trial in patients suffering from metastatic colorectal cancer.
PsiOxus is a spin-out of UK Universities, an initiative seed funded by Imperial Innovations and Mercia Fund Management. It launched as Myotec Therapeutics in 2010 and secured £5.6m in initial funding from Imperial Innovations and Invesco Perpetual.
The company was renamed to PsiOxus later in 2010 when it merged with Hybrid BioSystems and secured £3.6m from Imperial Innovations, Invesco and Mercia Fund. SR One, Imperial Innovations, Lundbeckfond Ventures and Invesco provided £22m in series B funding for the company in 2012.
Woodford Investment Management was set up by fund manager Neil Woodford, who previously managed Invesco Perpetual.
The firm’s £200m Patient Capital Trust fund, aimed at university spin-outs, was launched in April 2015 with three non-executive directors who have ties to Imperial Innovations.