iTeos Therapeutics Completes $75 Million Series B Financing
- Oversubscribed financing round led by new U.S. investor MPM Capital
- Proceeds to support accelerated development of innovative next-generation immuno-oncology pipeline into the clinic and the company’s expansion into the U.S.
Gosselies, Belgium – June 20, 2018 – iTeos Therapeutics SA, a biotechnology company developing novel cancer immunotherapies, today announced the completion of an oversubscribed $75 million (€64 million) Series B financing led by MPM Capital, with participation from additional new investors HBM Partners, 6 Dimensions Capital and Curative Ventures. All existing investors also participated in this financing round including Fund +, VIVES II and SRIW, as well as SFPI.
“This oversubscribed financing underscores the enormous potential of our innovative next-generation immuno-oncology pipeline and confirms the confidence in our leadership team to deliver value for patients and investors. We plan to continue to rapidly advance our promising therapies into the clinic and to design additional therapeutic candidates based on our industry leading drug discovery and early clinical development expertise,” said Michel Detheux, Ph.D., Chief Executive Officer of iTeos. “We are grateful for the continued support of our existing investors and look forward to welcoming the new investors who participated in this Series B financing. We are confident their guidance will prove invaluable as we continue our growth.”
Proceeds from this financing will support the advancement of several promising best-in-class immuno-oncology programs within iTeos’ unique pipeline into the clinic. This financing will also support the company’s expansion into its new U.S.-based offices in Cambridge, Massachusetts. Specifically, the funding will enable iTeos to move EOS100850, an adenosine A2A antagonist, into the clinic in 2018 and toward clinical proof-of-concept, and EOS884448, an anti-TIGIT antibody, into the clinic in 2019. The Company’s development pipeline also includes additional drug candidates targeting the tumor microenvironment.
“We believe iTeos is a strong investment opportunity with several promising immuno-oncology drugs in its pipeline that have significant clinical advantages over competitive drug candidates,” said Dr. Gadicke, Co-founder and Managing Director of MPM. “Michel and his team have an excellent track record of discovering new ways to fight cancer and strategically growing the operations. MPM is very excited to be involved as the company expands into the U.S. and continues its evolution.”
Ansbert Gadicke, M.D., Co-founder and Managing Director of MPM; Christiana Bardon M.D., Managing Director of the UBS Oncology Impact Fund managed by MPM; and Priyanka Belawat, Ph.D. Investment Advisor at HBM Partners will join the iTeos Board of Directors.
About iTeos Therapeutics
iTeos Therapeutics is a privately-held, clinical-stage biopharmaceutical company dedicated to extending and improving the lives of cancer patients by designing and developing next generation immunotherapies. The Company is advancing EOS100850, an insurmountable and non-brain penetrant adenosine A2A receptor antagonist, into a Phase I trial in the second half of 2018. A second program for its human ADCC-enabling anti-TIGIT antibody (EOS884448) is expected to enter the clinic in 2019. Based in Gosselies, Belgium, iTeos Therapeutics was founded out of the Ludwig Institute for Cancer Research (LICR) and the de Duve Institute (Université Catholique de Louvain) in 2011, with funds from the LICR, Fund+, VIVES II-Louvain Technology Fund, private investors and the Walloon Region of Belgium and the European Fund for Economic and Regional Development (FEDER). For more information, please visit www.iteostherapeutics.com.
About MPM Capital
MPM Capital is a venture firm founding and investing in early-stage life sciences companies that seek to cure major diseases by translating scientific innovations into positive clinical outcomes. MPM’s portfolio of companies aims to revolutionize the face of medicine across multiple areas including cancer, neuroscience, metabolic disorders and regenerative medicine. With its experienced and dedicated investment team, executive partners and entrepreneurs and its medical and scientific advisory board, MPM is powering novel medical breakthroughs that transform patients’ lives. MPM is investing in iTeos from its BV2014 and BV2018 funds as well as the UBS Oncology Impact Fund managed by MPM, which invests in both public and private equities. For more information, please visit www.mpmcapital.com.
For further information, please contact:
Michel Detheux, CEO
Amber Fennell, Mathew Neal, Sukaina Virji, Hendrik Thys
Consilium Strategic Communications
+44 203 709 5700
Stern Investor Relations, Inc.
+ 1 212 362 1200
+1 617 425 9275