Company at the forefront of developing personalised treatments against invasive cancer has raised 15m euros to conduct clinical trials
Oncomatryx has announced the beginning of a new phase in the development of its tumour microenvironment – targeted antibody drug conjugates (ADCs).
Phase 1 clinical trials in patients suffering metastatic solid tumours will be launched in Europe and USA in the second quarter of 2022.
To fund the clinical trials, Oncomatryx has raised 15m euros. The capital increase was funded by current shareholders, and by national and international family offices. These funds, along with Oncomatryx’s recurring revenues from its licensing agreements with international biopharmaceutical companies, will be used for the clinical development of additional ADCs of Oncomatryx’s tumour-microenvironment pipeline.
This brings the total investment for the three-year period 2022-2024 to 50m euros.
Dr Ignacio Garcia-Ribas has also been appointed as the medical director of Oncomatryx, and he will be leading the clinical development of OMTX705, as well as overseeing the transition of molecules in the treatment pipeline from preclinical to clinical studies. Dr Garcia-Ribas is a medical oncologist with 17 years of experience in early-stage oncology drug development.
Oncomatryx’s work is primarily focused on the development of precision biopharmaceuticals that target the microenvironment of metastatic solid tumours.
The company has discovered new mechanisms and proteins in the peritumoural stroma that surrounds the tumour and enables it to become invasive, immunosuppressive, resistant to treatment, and metastatic.
As it stands, Oncomatryx – which is based in the Bizkaia Technology Park, Spain – is developing a new generation of biological anti-tumour drugs, combining cytotoxic molecules and monoclonal antibodies specifically directed towards tumour associated stroma.
