Cytovation ASA raises US$8m in Series A
Bergen-based Cytovation ASA has raised US$8m in a Series A extension round to push its cancer compound CyPep-1 into Phase II clinical testing. ,
A Series A follow-up financing of US$8m has brought up Cytovation ASAs total Series A funding to US$28m. The Bergen-based company announced it will use the proceeds to push its cancer membrane immunotherapy CyPep-1 to a full Phase II program for the treatment of solid tumors. The pore-forming molecule leads to the release of intracellular tumour-specific antigens into the tumour microenvironment and is expected to modulate it towards an inflamed state in which dormant immune effector cells would be reactivated to be able to invade the tumour. The Norwegian immunooncology specialist hope to present results for the ongoing Phase i/II study CICILIA, in which its lead compound is administered in combination with MSDs checkpoint blocker pembrolizumab, in the second half of 2023.
The financing round extension was co-led by existing investors Sandwater and Canica along with new but unnamed investors.
Catovation is seeking to develop CyPep-1 in selected neoplastic orphan indications that may allow an expedited pathway to a first approval, while supporting the broader potential of CyPep-1 across a range of solid tumours.
Cytovation recently announced the expansion of its senior management team with the hiring of Iman Barilero, PharmD, PhD, as Chief Development Officer, and Helen Blanco, MBA, as VP Operations.
