Proceeds to accelerate development of receptor targeted oncolytic RNA viruses
Clinical studies of lead candidate IVX 037 expected Q1 2022
Melbourne, Australia 14th May 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 completion of a $22 million Series A-1 financing.
The round was led by Acorn Capital, a Melbourne-based investor in emerging Australian companies, with participation from five other institutional investors. Proceeds will be used to advance ImmVirX’s proprietary bioselection platform for receptor targeted oncolytic RNA viruses targeting first in human studies in Q1 2022 with lead candidate, IVX 037.
ImmVirX’s differentiated approach to oncolytic viruses leverages targeting of extracellular receptors for selectivity and potency in defined tumour types. It is currently in development for multiple indications and routes of administration.
“The ImmVirX approach has the potential to be transformative to the field of oncolytic viruses, harnessing exquisite selectivity and potency through a proprietary bioselection platform,” said Dr. Malcolm McColl, CEO and Co-Founder of ImmVirX. “Our steady execution over the past 18 months at the Hunter Medical Research Institute, led by Co-Founder Professor Darren Shafren, has provided important in vitro and in vivo proof-of-concept of our differentiated extracellular receptor targeting approach. This new funding leaves us well positioned to advance our lead candidate, IVX 037, into the clinic by Q1 2022. We believe the quality of our investors is testament to both our encouraging data, and our team, who together have deep expertise in the development of oncolytic viruses. We are thrilled to have such strong support from lead investor Acorn Capital, a specialist in emerging Australian companies, alongside a broad range of new institutional and sophisticated shareholders and with the continued support from our seed investors.”
Robert Routley, CEO of Acorn Capital, who is joining the Board of ImmVirX, said, “ImmVirX presents a rare opportunity to invest in a proven world class biotechnology team. There are several areas of risk in early stage biotech investment and this team has all key areas covered. Malcolm and Darren have developed a targeted program that is set to tackle some very challenging cancer types. Their preclinical data is very encouraging and this funding will enable the team to put their heads down and just focus on execution. We like their focus and no nonsense approach to meeting the challenges that stand in the way of meaningfully improving the lives of cancer patients. ImmVirX brings a differentiated approach to field of oncolytic viruses and we genuinely believe they will be a global leader in the space.”
ImmVirX Pty Limited Level 2, HMRI Building Kookaburra Circuit New Lambton Heights NSW 2305 www.immvirx.com
Bell Potter Securities Ltd 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
Chief Executive Officer and Co-Founder
Ph: +61 (0)478 202 372