On April 1, 2020 iTeos Therapeutics Inc., a privately-held clinical-stage biotechnology company developing innovative cancer immunotherapies, reported the closing of an oversubscribed Series B2 financing, which raised a total of $125 million (Press release, iTeos Therapeutics, APR 1, 2020, View Source [SID1234556067])
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The Series B2 financing round was co-led by RA Capital Management and Boxer Capital, and included new investors Janus Henderson Investors, RTW Investments and Invus along with existing investors MPM Capital, HBM Partners, 6 Dimensions Capital, Curative Ventures, Fund+, VIVES Louvain Technology Fund, SRIW, and SFPI.
Proceeds from the financing will support the Company’s continued growth and advance the clinical development of its two lead product candidates, EOS-850, a best-in-class adenosine A2A receptor antagonist and EOS-448, an ADCC-enabled anti-TIGIT antibody. EOS-850 is currently being evaluated in a Phase 1/2 clinical trial both as a single agent and in combination in several solid tumor indications. The Company plans to initiate dosing for the combination cohorts for this trial in the second quarter of 2020. The Company also recently initiated the Phase 1 portion of a Phase 1/2 clinical study of EOS-448, currently being evaluated in patients with solid tumors and hematological malignancies. Proceeds from this financing will also support the advancement of additional first-in-class preclinical programs targeting the adenosine pathway and Tregs.
"We are very pleased to have the strong support of this leading class of investors who share our excitement for the highly innovative oncology therapies we have developed at iTeos," said Michel Detheux, PhD, President and Chief Executive Officer at iTeos. "We look forward to accelerating and expanding our clinical development efforts to identify the most promising indications and combinations for people suffering with cancer. This financing maximizes our ability to execute our development plans alone or in partnership."
"iTeos’ pipeline of best-in-class agents has the potential to usher in a new wave of immuno-oncology therapeutics and the Company is well-positioned to make a significant, positive impact in the treatment of patients with a wide variety of cancer types," commented Derek DiRocco, Principal, RA Capital Management. "We are thrilled to collaborate with this experienced group of high-quality investors and partner with the iTeos management team as they continue to innovate and progress these exciting programs through clinical development."
"The iTeos team has done a remarkable job developing a pipeline of differentiated, potentially best-in-class cancer therapies," said Aaron Davis, Co-Founder and Chief Executive Officer, Boxer Capital of the Tavistock Group. "We are pleased to be joining them as they continue to execute and implement their vision for transforming the cancer treatment landscape."
Derek DiRocco and Aaron Davis will join the iTeos Board as Non-Executive Directors.