Valo Therapeutics reports that it has closed a total capital increase of EUR 19 million, part of which was raised in Europe and part in Australia, for the clinical development of its innovative immunological therapy for cancer treatments.
The EUR 13 million European investment round was co-led by Indaco Venture Partners and CDP Venture Capital, with the support of the ENEA Tech and Biomedical Foundation, while a further EUR 6 million was raised by Australian investors, supported by lead investor Freeman Road (Family Office headed by Paul Porter), bringing the total capital to EUR 19 million.
Valo Therapeutics is a Finnish company, also founded by Vincenzo Cerullo, that is developing a new cancer immunotherapy. The new resources will allow Valo to expand and complete the Phase 1B clinical trial of its lead therapeutic candidate, PeptiCRAd, an innovative platform based on oncolytic viruses coated with tumour antigens, designed to enhance the immune response in patients with solid tumours. Clinical trials will be conducted in three countries: Italy, Australia and Germany.
Part of the investment round will be invested in Italy and earmarked for the activities of the new Italian operating company, Valo Therapeutics Italy based in Naples, with the objective of developing strategic initiatives in southern Italy, including: the recruitment and treatment of patients in southern Italy, the start-up of large-scale production of oncolytic viruses, supporting product development up to the commercial phase, and the support of research activities in collaboration with academic and scientific institutions based in Naples and southern Italy.
David Hinton, chairman of Valo, comments in a note: ‘We are thrilled to have secured this funding and to be supported by Indaco Venture Partners, through its specialised biotechnology fund, and by leading investors such as CDP Venture Capital and ENEA Biotech. This investment will enable Valo to start clinical trials in southern Italy and Australia. Looking to the long term, it will also allow us to scale up development, a crucial step for future Phase 2 clinical trials’.
Giovanni Rizzo, partner in the Indaco BIO Biotech Fund at Indaco Venture Partners and member of Valo’s Board of Directors, adds: “Valo Therapeutics represents a unique opportunity thanks to two key elements: an innovative technological platform in the field of immunotherapy, applicable both to cancer and to other clinical indications, and an international team of excellence with investors ranging from Italy to Finland, from Australia to Germany. This investment will allow Valo to advance in the clinical development of PeptiCRAd, a new immunotherapy that, if successful, could revolutionise the treatment of solid tumours considered so far intractable’.
Francesca Ottier, senior partner and head of CDP Venture Capital’s Fondo Italia Venture II says: ‘We are excited to support Valo Therapeutics in this important step of its growth path, marked by the opening of a new research and development centre in Naples. This investment represents an extraordinary opportunity to strengthen the biotech innovation ecosystem in Italy, enhance local talent and contribute to the development of cutting-edge solutions in cancer immunotherapy. We firmly believe in Valo Therapeutics’ vision and in the potential of the PeptiCRAd platform to revolutionise cancer treatment’.
For CDP Venture Capital, the transaction was overseen by Ersilia Rendola and Paola Deidda, respectively partner and associate of CDP Venture Capital’s Fondo Italia Venture II – Fondo Imprese Sud.
Maria Cristina Porta, general manager of ENEA Tech and Biomedical, says: ‘We chose to invest in Valo Therapeutics in recognition of the project’s high scientific value in the field of immuno-oncology, one of the most innovative frontiers in the fight against cancer. This initiative is not only an opportunity to support international excellence, but also represents a strategic step to bring high-level skills and technologies back to Italy. Through this investment, we strengthen the value chain of the Italian biomedical sector, creating a significant impact on the national system, supporting research, attracting foreign investment and promoting opportunities in southern Italy, as well as offering innovative therapeutic solutions to Italian patients. All these objectives are perfectly in line with the Foundation’s mission’. (image taken from the Valo Therapeutics website)
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