On July 22, 2020 T3 Pharmaceuticals AG ("T3 Pharma"), a Swiss biotech advancing immuno-oncology with its bacteria-based protein delivery platform, reported the closing of its third financing round, raising over 25M CHF (Press release, T3 Pharmaceuticals, JUL 22, 2020, View Source [SID1234562255]).
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The financing was co-led by existing investors, including the Boehringer Ingelheim Venture Fund (BIVF), Reference Capital SA, Wille Finance AG and private investors, who all participated in the round. This latest financing brings T3 Pharma’s total funding since the launch of the Company in 2015 to 40 million CHF.
T3 Pharma will use the funds primarily to progress its lead candidate, T3P-Y058-739, through clinical studies. The Phase 1/2 clinical study in solid tumors is planned to start in early 2021.
T3P-Y058-739 is the first therapeutic candidate developed using T3 Pharma’s proprietary protein delivery platform. The technology is built on the discovery that the bacterial type III secretion (T3S) system can be repurposed to deliver chosen proteins into eukaryotic cells.1 T3 Pharma’s live bacteria vehicles have been optimised to accumulate and grow selectively at solid tumors, where they produce and deliver the therapeutic protein.
Dr. Simon Ittig, T3 Pharma’s CEO, commented: "This significant financing round comes at a pivotal moment for our company as we leverage the full potential of our proprietary platform and enter the clinic with our lead candidate. We are grateful to our investors for their continued support."
"Our novel approach to deliver bioactive proteins selectively to cancerous cells using live bacteria has the potential to revolutionize treatment of solid tumors," added Dr. Olivier Valdenaire, Chairman of the Board.
Dr. Frank Kalkbrenner, Global Head of BIVF, commented: "Since I joined the Board last year, I have been impressed not only by the technology, but also by the team and the approach they have taken to building T3 Pharma’s innovative, differentiated platform and progressing its lead candidate. It is an endorsement of the quality of the science and the team that another financing round has been completed with an exceptional group of investors, which share our vision of improving the lives of cancer patients."