STipe Therapeutics announced a EUR 20 million Series A financing led by Novo Holdings and Arix Bioscience.

Denmark Investments 30 September 2019
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STipe Therapeutics, an Aarhus, Denmark-based biotechnology company targeting a range of hematological and solid tumours, announced launching the company and an EUR 20 million Series A financing.

The investment round was co-led by Novo Holdings and Arix Bioscience plc who were joined by Wellington Partners Life Science V Fund and Sunstone Life Science Ventures A/S.

STipe, founded in 2018 as a spin off from the Department of Biomedicine, Aarhus University by CEO Claus Elsborg Olesen and Martin Roelsgaard Jakobsen, is working on a novel approach to the stimulator of interferon genes (STING) Pathway, a major driver of innate immunity, and regulator of tumorigenesis and autoimmune disorders.

The company is developing first in class drugs targeting intracellular protein-protein interactions of the STING Pathway.

STipe’s innovative technology has demonstrated that it can significantly increase the sensitivity of the innate immune system to rapidly detect even a small amount of tumour-DNA. This opens up the potential to induce a synergistic immune response alone or in combination with targeted anticancer therapies, immunotherapy or radiation. STipe has identified potential lead compounds that modulate the STING pathway in a novel way, thereby changing the tumour microenvironment and demonstrating antitumor activity preclinically.

Prior to this investment announcement, upon launching in 2018 the company received the support of a PreSeed Grant from the Novo Nordisk Foundation and subsequently took part in the Creation House program and received a convertible loan from BioInnovation Institute (the Novo Nordisk Foundation’s Biotech Incubator initiative).