Octimet Oncology announced today that it has completed its series A investment round. The cancer start-up was able to secure €11.3 million from an investment syndicate led by V-Bio Ventures and Fund+. Other participating investors include DROIA Oncology Ventures and OMNES Capital.
Founded in 2016, Octimet has licensed highly selective MET kinase inhibitors from Janssen Pharmaceutica and will focus on advancing the development of these molecules. MET is a popular for cancer drugs, since the receptor is mutated in a broad range of cancer types. The company can build on a strong existing pre-clinical and clinical data set originally generated by Janssen and licensed to Octimet together with the molecules. Octimet is based at the brand new JLINX facilities on the Janssen campus in Beerse, Belgium.
Christina Takke, managing partner at V-Bio Ventures: “We are excited being part of this new venture. Octimet’s approach combined with new scientific evidence, a very strong clinical candidate and led by a seasoned management team enables the development of truly differentiated treatment options. This Series A closing supported by a well-diversified investor base is testament to both the quality of the assets as well as of the entire team.”
Jan Van den Bossche, partner at Fund+: “We are convinced that Octimet is uniquely positioned to play a significant role in the development of new cancer treatments. The impressive dataset that was available and the experienced and highly motivated management team provided us the necessary comfort to support this exciting venture. Moreover, Octimet fits perfectly with our policy to develop a leadership position for the life sciences sector in Belgium."
Timothy Perera, CEO of Octimet: “We look forward to providing effective new treatment options for selected cancer patients backed by a highly engaged and experienced group of investors. Our long-standing experience in cancer drug development using innovative clinical development and biomarker strategies will allow us to rapidly generate clinical proof of concept for innovative drugs in areas of high unmet medical need.“