Global Roundup: Norway's Cytovation Snags $20 Million in a Series A
Cytovation AS, a clinical-stage oncology company based in Norway, raised $20 million in a Series A financing round. Funds will be used to advance the development of its immunotherapy candidate CyPep-1 in combination with Keytruda as a potential treatment of solid tumors.
Lars Prestegarden, chief executive officer of Cytovation, said the company is making significant progress with CyPep-1 in the Phase I/II clinical trial. Following what Prestegarden called “promising data,” he said the company has begun dosing of CyPep-1 in combination with Keytruda in patients with a range of solid tumors.
CyPep-1 is designed to eliminate cancer cells through the formation of pores in the plasma membrane, which causes the release of cancer specific antigens to the immune system. That promoted an inflammatory microenvironment and induces a tumor-specific immune response by in situ vaccination, the company said. Preclinical data suggest this mode of action is highly synergistic in combination with checkpoint inhibitors.
“These new proceeds will enable us to further advance and expand our clinical development plans in cancer, and we look forward to reporting further data from this clinical program in 2022. Additionally, we will now have the financial flexibility to investigate opportunities to expand our CyPep-1 development pipeline,” Prestegarden said in a statement.
The Series A round was led by Sandwater, a Norwegian venture capital firm that invests in groundbreaking companies, and Canica, a large, privately owned investment company operating out of Norway and Switzerland.
Elsewhere around the globe:
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