Valo Therapeutics secured 1.1 million euro in funding.
Valo Therapeutics, a Helsinki, FInland and Oxford, UK-based company developing a novel cancer immunotherapy, announced the completion of a EUR 1.1M ($1.2M) capital investment round.
The funding was backed by existing investors, and is part of a larger EUR 10M financing agreement including a non-dilutive loan from The Finnish Funding Agency for Innovation (Business Finland, previously Tekes), and seed capital from private investors.
Valo Tx, founded in 2016 as a spin-out company from the University of Helsinki, Finland, and led by Michael Stein (CEO), is an immunotherapy company that is developing antigen-coated oncolytic viruses as anti-cancer therapeutic vaccines. The Valo Tx platform, PeptiCRAd (Peptide-coated Conditionally Replicating Adenovirus), developed out of the laboratory of Professor Vincenzo Cerullo at the University of Helsinki, turns oncolytic adenoviruses into targeted tissue specific cancer vaccines without the need to generate and manufacture multiple genetically modified viruses.
The company is also developing PeptiENV, among other neoantigen strategies, in collaboration with Professor Cerullo, which is expected to improve the therapeutic response to enveloped oncolytic viruses in the treatment of multiple forms of cancer. Its first clinical trial will target melanoma, lung cancer and triple negative breast cancer.