Theolytics Awarded Significant £2M Transforming Cancer Therapeutics Grant from Innovate UK

• The funding will support Theolytics’ Phase 1 clinical trial for THEO-260 in ovarian cancer and incorporates comprehensive biomarker studies to showcase the candidate's differentiated dual tumour-lytic and immunotherapeutic mechanism of action

Oxford UK September 2^nd, 2024. Theolytics, a clinical-stage biotechnology company developing next-generation oncolytic viral therapies, has been awarded £2M from Innovate UK’s prestigious Transforming Cancer Therapeutics grant funding competition to support the clinical development of its lead candidate THEO-260. This non-dilutive funding adds to the £19M raised earlier this year from a strong investor syndicate comprising M Ventures, Taiho Ventures, Epidarex Capital, Oxford Science Enterprises, Sound Bioventures and Oxford University Innovation.

Innovate UK, part of UK Research and Innovation, invests in innovative projects that are positioned to advance next-generation immunotherapies for cancer.

The grant will primarily support the Company’s upcoming Phase 1 multi-centre, open-label first-in-human trial to evaluate safety and tolerability of THEO-260 in patients with advanced-stage platinum-resistant ovarian cancer and determine the recommended Phase 2 dose. This trial is expected to begin in the coming months.

It will further allow for comprehensive analysis to elucidate and evidence THEO-260’s unique dual mechanism of action to destroy immune suppressive stromal cells and induce T cell activation through a comprehensive biomarker study, including the development of novel biomarker tests. Proceeds will also support the evolution of Theolytics as it continues to expand its footprint and reach as a clinical-stage oncology biotech company.

“This competitive award from Innovate UK in the category of “Transforming Cancer Therapeutics” reflects the novelty of our research as well as our ability to deliver operational excellence as we move forward to the clinic. This will allow us to precisely demonstrate the mechanism of action of THEO-260, which we anticipate will provide key information to enhance further development of this immunotherapeutic oncolytic virus and our wider platform," said Miriam Bazan Peregrino, Theolytics’ VP Translational Development.

CSO and Co-Founder Margaret Duffy shared; “We are excited to be edging closer to providing a treatment option for women with Ovarian Cancer. This is a devastating disease for which current treatment options are limited. We are grateful for the support of Innovate UK in partnering with us to help achieve our aim to transform the lives of cancer patients.”

About THEO-260

THEO-260 is a next-generation oncolytic adenovirus for the treatment of ovarian cancer. Positioned to tackle the complex, immune suppressed nature of advanced solid tumours. It demonstrates effective killing of cancer cells and cancer-associated fibroblasts (CAFs), whilst inducing immune activation in advanced preclinical models, including extensive panels of ovarian cancer patient samplesTHEO-260 will be evaluated in Phase I clinical trials by intravenous and intraperitoneal delivery to ovarian cancer patients.

About Theolytics

Theolytics is working to develop best-in-class oncolytic viral therapies. The company has pioneered a new approach to develop efficacious, targeted candidates suitable for systemic intravenous delivery. 

The company is focused on the advancement of its lead program THEO-260 into the clinic with the ambition of providing better outcomes for patients with ovarian cancer, for whom current treatment options are limited. Additional pipeline programmes in preclinical development include novel candidates developed for colorectal cancer and hematological malignancies where there remains significant unmet need.

Theolytics, which was founded in 2017 and is headquartered in Oxford, UK, is backed by international life sciences investors Taiho Ventures, M Ventures, Oxford Science Enterprises, Epidarex Capital, Sound Bioventures and Oxford University Innovation.

For more information, please see our website www.theolytics.com

About Innovate UK

Innovate UK, part of UK Research and Innovation (UKRI), is the UK’s innovation agency. It works to create a better future by inspiring, involving and investing in businesses developing life-changing innovations. Its mission is to help companies to grow through their development and commercialisation of new products, processes and services, supported by an outstanding innovation ecosystem that is agile, inclusive and easy to navigate.