Melbourne, Australia 8 November 2021 – ImmVirX Pty Limited, a life sciences company focused on developing next-generation, receptor targeted oncolytic viral immunotherapies to transform outcomes for patients with some of the most prevalent and challenging cancer types, today announced the successful upsizing and completion of its $25m Series A financing.
The initial tranche of $22m was completed in May 2021 led by Acorn Capital, a Melbourne-based investor in emerging Australian companies, with participation from five other institutional investors.
The funding round was recently completed, with a further $3m invested by another new institutional investor as well as existing shareholders who participated in the seed funding round.
The $25m in funding from the Series A round provides a cash runway through to the second half of calendar 2023.
Considerable progress has been achieved through calendar 2021 with advances across preclinical, manufacture and clinical preparedness, with first in man studies forecast in the first half of2022.
ImmVirX will deliver its latest investor presentation at the Bell Potter Healthcare Conference on Thursday 11 November, with a copy of the slides to be made available on the ImmVirX website.
“We thank our new and existing shareholders for their support of the Series A financing,” said Dr. Malcolm McColl, ImmVirX’s CEO and Co-Founder.
“We are excited by the progress to date and pleased that the company is financially well placed to achieve its goal of commencing human studies in 2022.”
Bell Potter Securities acted as the exclusive lead manager and bookrunner to the private placement.
ImmVirX is developing novel oncolytic viruses to create powerful new cancer immunotherapy combinations. Its novel oncolytic immunotherapy harnesses the power of viruses to preferentially infect and kill cancer cells and induce systemic anti-tumour immune responses.
The proprietary bio-selected RNA viruses target specific receptor proteins highly expressed on a range of cancer cell types, allowing them to selectively enter, replicate in, and destroy tumour cells while creating beneficial changes in the tumour micro-environment, potentially leading to the generation of specific innate and adaptive immune responses against cancer cells.
In this way, the viral candidates are intended to increase the effectiveness of current immunotherapies, primarily immune checkpoint inhibitors and CAR-T cell therapies, in fighting cancers of high unmet need including colorectal, gastric, pancreatic and ovarian cancer.
Dr. Malcolm McColl
Acting Chairman, Chief Executive Officer and Co-Founder