Belgium-based immunotherapy developer iTeos Therapeutics raised €64m ($74m) this week in an oversubscribed series B round backed by 6 Dimensions Capital, the healthcare investment firm co-founded by pharmaceutical company WuXi AppTec.
The round was led by private equity firm MPM Capital and included Walloon state-backed firm SRIW, Belgian state-owned vehicle SFPI-FPIM, HBM Partners, Curative Ventures, Fund+ and Vives Louvain Technology Fund, the venture fund managed by UCL’s tech transfer office, Sopartec.
Founded in 2011, iTeos Therapeutics is working on drugs that defeat the immunosuppression employed by tumours, which has thus far enabled cancer to evade immune system responses.
The technology is based on research undertaken at Université catholique de Louvain’s Duve Institute and non-profit research organisation Ludwig Institute for Cancer Research.
The series B funding will allow iTeos to advance several programs towards the clinic, and to expand into the US with offices in Cambridge, Massachusetts.
Vives Louvain Technology Fund previously took part in the company’s $4m series A round in 2012 alongside Ludwig Institute for Cancer Research, Hunza Ventures and Life Sciences Research Partners.
Michel Detheux, CEO of iTeos, said: “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.”