Epsilogen Announces Completion of Oversubscribed £30.75 Million ($41.20 Million) Series B Financing
Financing led by Novartis Venture Fund and joined by new investors 3B Future Health Fund, British Patient Capital, Schroders Capital and Caribou Property alongside founding investor Epidarex Capital and ALSA Ventures
Proceeds from the round will fund continued clinical development of MOv18 IgE in platinum-resistant ovarian cancer and will support further development of IgE-based antibody candidates to treat cancers
LONDON--(BUSINESS WIRE)--Epsilogen Ltd, a global leader in the development of novel immunoglobulin E (IgE) antibodies to treat cancer, announced it has secured £30.75 million ($41.20 million) in an oversubscribed Series B financing round. The round was led by new investor Novartis Venture Fund and joined by new investors 3B Future Health Fund and British Patient Capital, Schroders Capital and Caribou Property. The new syndicate joins founding Series A investor Epidarex Capital and Series A investor ALSA Ventures both of whom also committed further capital in this Series B fundraising round. In connection with the closing of the financing, Dr Marianne Uteng of Novartis Venture Fund and Dr Marianne Bjordal of 3B Future Health Fund will join Epsilogen’s Board of Directors.
The proceeds from the financing will enable Epsilogen to establish clinical proof of concept for lead drug candidate MOv18 IgE in a phase Ib trial in platinum-resistant ovarian cancer, an aggressive cancer with poor treatment alternatives. MOv18 IgE targets the folate receptor alpha (FR alpha) antigen and is the world’s first IgE antibody to enter the clinic. Previously announced data from a phase I trial shows MOv18 IgE to be safe and well tolerated with early signs of clinical activity also seen.
The financing will also enable Epsilogen to progress the development of its proprietary IGEGTM antibody platform which combines elements from both IgE and IgG antibodies into novel and proprietary antibody molecules with enhanced functionality.
Dr Tim Wilson, Chief Executive Officer of Epsilogen, commented: “This significant, new financing round will not only fund demonstration of clinical Proof of Concept for MOv18 but also allow Epsilogen to maintain its position as the leading pioneer in the development of IgE therapeutic antibodies for the treatment of cancer. We are very pleased to have attracted new investors of the calibre of Novartis Venture Fund, 3B Future Health Fund, British Patient Capital, Schroders Capital and Caribou Property. We also appreciate the continued support and investment from our existing investors Epidarex Capital and ALSA Ventures.”
About Epsilogen Ltd
Epsilogen is a global leader in the development of immunoglobulin E (IgE) antibodies to treat cancer. IgE’s natural function is to provide immunological defense against certain parasites. This functionality makes it an ideal treatment of solid tumours due to its strong potency, enhanced tumour access and long tissue half-life.
Epsilogen’s lead product candidate, MOv18 IgE, is the first therapeutic IgE antibody to enter the clinic and encouraging data from a phase I trial demonstrated MOv18 IgE to be safe and well tolerated with early signs of clinical activity also seen. The company is also developing a proprietary IGEGTM antibody platform combining elements from both IgE and IgG antibodies into novel and proprietary antibody molecules with enhanced functionality.
Epsilogen began operations in 2017 as a spin out of King’s College London utilising the world class IgE expertise of Professor Sophia Karagiannis. Initial capital was provided by founding investor Epidarex Capital. Find out more at epsilogen.com.
About Novartis Venture Fund
Novartis Venture Fund is a financially driven corporate life science venture fund whose purpose is to foster innovation, drive significant patient benefit and generate superior returns by creating and investing in innovative life science companies at various stages of their development. For more information, go to nvfund.com.
About 3B FUTURE Health Fund II
3B Future Health Fund II S.C.A. SICAV-RAIF is a Luxemburg based investment fund with focus on early stage investment opportunities in Europe and the U.S. in areas of high unmet patient need, mainly oncology and rare disease therapeutics. The Fund is the second investment fund sponsored by Riccardo Braglia, Executive Chairman to Helsinn Group, a global pharmaceutical company headquartered in Lugano, Switzerland. For more information, visit: 3bfuturehealth.com.
About British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s plc’s commercial arm. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2018, British Patient Capital has £2.5bn to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.
About Schroders Capital
Schroders Capital is a leading global private markets investor and part of Schroders Group. With over USD 70 billion assets under management, the firm manages a range of investment strategies, including private equity, private debt, real estate, infrastructure, securitised products and asset-based finance, insurance-linked securities and impact investing on behalf of institutions, consultants, family offices and individual investors. Schroders Capital operates out of 19 offices globally and employs over 500 professionals, combining global market coverage with local, on-the-ground presence. The private equity team of Schroders Capital provides its clients access to a broad range of private equity opportunities through direct, co-investment, secondaries and primary investments across buyout, growth and venture capital with a focus on fundamental value generation through transformational change. Sustainability is an integrated part of the firm’s investment process and Schroders Capital is rated A+ by the UNPRI. To learn more, please visit schroderscapital.com.
About Epidarex Capital
Epidarex Capital is a transatlantic venture capital firm with a track record of building exceptional life science companies in emerging hubs in the US and UK. Epidarex’s experienced team of early stage investors partner with entrepreneurs and leading research institutions to transform world-class science into highly innovative products addressing major unmet needs in the global healthcare market. For more information, visit epidarex.com.
About ALSA Ventures
ALSA Ventures is a London based venture capital firm with a focus on novel therapeutics. Supported by a team of highly experienced industry professionals, ALSA seeks to identify and work closely with pioneering entrepreneurs and scientists, complementing the operational strengths of the ALSA team with the vision and scientific excellence of the partners it works with. For more information, visit alsaventures.com.
Communications advisor to Epsilogen Ltd:
Simon Conway / Rob Winder
+44 (0)20 3727 1000