Novo Seeds' IO Biotech completes oversubscribed €127m Series B financing to accelerate clinical programs in oncology
Novo Seeds, the early-stage investment and company creation team of Novo Holdings, announced its portfolio company, IO Biotech, a clinical-stage biopharmaceutical company developing novel, immune-modulating anti-cancer therapies based on its proprietary T-win® technology, raised €127 million in Series B financing.
On 15 December 2020, the U.S. Food and Drug Administration (US FDA) granted IO Biotech breakthrough therapy designation (BTD) for a combination of IO Biotech's lead immuno-oncology therapies, IO102 and IO103, with anti-PD-1 monoclonal antibodies for patients with unresectable or metastatic melanoma. IO Biotech intends to use the proceeds from the financing to advance clinical trials for its early and late-stage immune-oncology programs, including a large randomized trial for IO102 and IO103 with anti-PD-1 monoclonal antibodies in metastatic melanoma.
Emmanuelle Coutanceau, Partner, Novo Seeds and IO Biotech Board Member: "Having initially invested in IO Biotech at the seed stage in January 2014, we have supported the company throughout its journey and are delighted to continue as it reaches this milestone in its successful development. This very large financing round, involving a strong syndicate of well renowned investors, is a testament to IO Biotech's team and the potential of its therapies for the treatment of metastatic melanoma. For Novo Seeds, it represents another example of our company creation efforts, identifying and building world class companies that are developing innovative treatments for patients with unmet medical needs."
Mai-Britt Zocca, Chief Executive Officer, and Founder, IO Biotech: "We are very pleased that Novo Seeds is supporting us once again alongside such a strong group of investors backing our company. I am proud that this financing round had such a high interest and can close oversubscribed. The funding will enable us to execute on our breakthrough therapy designation grant and advance our lead programs in late-stage clinical development, as we are committed to bringing our treatment to patients as soon as possible."
The financing round was led by HBM Healthcare Investments with the participation of existing investors Novo Seeds, Lundbeckfonden Emerge and Sunstone Life Science Ventures. Other new investors joining the round included Vivo Capital, Kurma Partners, Avoro Capital, RA Capital, Samsara Biocapital, Idinvest Partners (Subsidiary of Eurazeo), PFM Health Sciences, Soleus Capital, Eir Ventures and Serrado Capital.