Oxford’s Theolytics wins £2m Innovate UK grant for cancer therapies

Theolytics, a biotech developing oncolytic viral therapies, has been awarded £2 million via Innovate UK’s Transforming Cancer Therapeutics competition to support clinical development of its lead candidate THEO-260.

The funding adds to the £19 million raised earlier this year from an investor syndicate comprising M Ventures, Taiho Ventures, Epidarex Capital, Oxford Science Enterprises, Sound Bioventures and Oxford University Innovation.

It will primarily support the company’s upcoming phase 1 multi-centre, first-in-human trial to evaluate safety and tolerability of THEO-260 in patients with advanced-stage platinum-resistant ovarian cancer and determine the recommended phase 2 dose.

The trial is expected to begin in the coming months.

THEO-260’s unique dual mechanism of action to destroy immune suppressive stromal cells and induce T cell activation will also be analysed through a comprehensive biomarker study, including the development of novel biomarker tests.

Miriam Bazan Peregrino, VP translational development at Theolytics, said: “This competitive award from Innovate UK reflects the novelty of our research as well as our ability to deliver operational excellence as we move forward to the clinic.

“This will allow us to precisely demonstrate the mechanism of action of THEO-260, which we anticipate will provide key information to enhance further development of this immunotherapeutic oncolytic virus and our wider platform.”

Margaret Duffy, co-founder and chief scientific officer, added: “We’re excited to be edging closer to providing a treatment option for women with ovarian cancer.

“This is a devastating disease for which current treatment options are limited.

“We’re grateful for the support of Innovate UK in partnering with us to help achieve our aim to transform the lives of cancer patients.”