iTeos Therapeutics SA announced on 6/20/2018 the completion of an oversubscribed $75 million (€64 million) Series B financing led by MPM Capital, with participation from additional new investors HBM Partners, 6 Dimensions Capital and Curative Ventures. All existing investors also participated in this financing round including Fund +, VIVES II and SRIW, as well as SFPI.
“This oversubscribed financing underscores the enormous potential of our innovative next-generation immuno-oncology pipeline and confirms the confidence in our leadership team to deliver value for patients and investors. We plan to continue to rapidly advance our promising therapies into the clinic and to design additional therapeutic candidates based on our industry leading drug discovery and early clinical development expertise,” said Michel Detheux, Ph.D., Chief Executive Officer of iTeos. “We are grateful for the continued support of our existing investors and look forward to welcoming the new investors who participated in this Series B financing. We are confident their guidance will prove invaluable as we continue our growth.”
Proceeds from this financing will support the advancement of several promising best-in-class immuno-oncology programs within iTeos’ unique pipeline into the clinic. This financing will also support the company’s expansion into its new U.S.-based offices in Cambridge, Massachusetts. Specifically, the funding will enable iTeos to move EOS100850, an adenosine A2A antagonist, into the clinic in 2018 and toward clinical proof-of-concept, and EOS884448, an anti-TIGIT antibody, into the clinic in 2019. The Company’s development pipeline also includes additional drug candidates targeting the tumor microenvironment.
iTeos is developing immuotherapies that are intended to address the inhibition of immune suppression in inflamed (hot) tumors and the increase of immunogenicity in non-inflamed (cold) tumors.