Catalym secures €138 million (USD150 million) in a Series D financing round. The oversubscribed financing round was led by new investors Canaan Partners and Bioqube Ventures, and joined by Forbion's Growth Opportunities Fund, Omega Funds, and Gilde Healthcare. Existing investors Jeito Capital, Brandon Capital Partners, Novartis Venture Fund, and Vesalius Biocapital III also participated in the round. The fresh capital will be used to finance the Phase 2b development of visugromab for the treatment of various cancers.
The drug candidate Visugromab is designed to neutralize a specific protein that tumors use to protect themselves from the body's immune system. This should make tumors accessible to the immune system again, thus strengthening the immune response. Phil L'Huillier, Managing Director and Chief Executive Officer at Catalym, commented on the current financing round:
"This substantial capital raise and strong syndicate are a recognition of our achievements as a company and underscore the outstanding results of visugromab and our broad Phase 2b clinical program. We continue to demonstrate the potential of visugromab to induce deep and durable cancer remission in multiple solid tumor indications, underscoring the important role visugromab could play in a novel cancer therapy. We are building significant momentum for Catalym's development strategy and look forward to the support of these high-caliber new and existing international investors who share our vision of breaking through immunosuppressive barriers to improve therapeutic outcomes."
In conjunction with the closing of the financing, Colleen Cuffaro, Partner at Canaan; Jon Edwards, Managing Partner at Bioqube Ventures; and Otello Stampacchia, Managing Director and Founder at Omega Funds, will join Catalym's Board of Directors. Stefan Luzi, Partner at Gilde Healthcare, will serve as an observer. Colleen Cuffaro, partner at Canaan Partners, says:
"The data recently presented at ASCO underscore the highly differentiated therapeutic profile of visugromab and validate Phil and his team's ability to rapidly execute the company's clinical plan. As the company moves into expanded Phase 2b development, we look forward to providing strategic guidance on the company's path to transforming current treatment options for difficult-to-treat solid tumor indications."
