Peptomyc completes €1-million seed capital round of funding
<p>The spin-off of the Vall d’Hebron Institute of Oncology (VHIO) and ICREA will put most of the funds towards preclinical validation of a treatment for multiform glioblastoma, one of the most aggressive brain tumors</p>
The capital increase closed by biotechnology firm Peptomyc was led by Healthequity, the Barcelona Medical Association venture capital investment vehicle, and financial group Riva i Garcia. Peptomyc, which was created in 2014, is working to develop a new oncology treatment based on the scientific research of Dr. Laura Soucek, current CEO of the company.
"We are very confident in their glioblastoma candidate and we support them in the coming stages of development for this product," explained the directors of Healthequity Lluis Pareras and Albert Ferrer. A consortium of business angels also participated in the round of funding, which received support from VHIO and ICREA, institutions with links to the spin-off, as well as Antares Consulting.
With the funds raised, the company will complete preclinical studies on the compound Omomyc-CPP, which is an inhibitor that attacks the Myc protein, the most aggressive oncogene in cancer. "With Peptomyc, we are committed to making a significant contribution to improving treatment for patients with cancer, and this round of funding is a large step forward on our path towards clinical studies," says Dr. Soucek.
The biotechnology firm is currently working with lung cancer and glioblastoma, but their end goal is to develop other potential oncology indications and use the product for as many types of cancer as possible.
Peptomyc, which submitted its project to the 15th Healthcare Investment Forum –coorganized by the Barcelona Medical Association, Barcelona Activa/Barcelona City Council, ESADE-BAN and Biocat– received €50,000 just a few months ago through the European Horizon 2020 program. Last year, additionally, they received a €5,000 prize in the Vall d´Hebron Research Institute (VHIR) Health Innovation Contest.