Abalos Therapeutics, an Essen, Germany-based developer of novel immuno-virotherapies against cancer, raised €12m in Series A financing.
The round was co-led by Boehringer Ingelheim Venture Fund (BIVF) and Gruenderfonds Ruhr, with participation from NRW.BANK and High-Tech Gruenderfonds (HTGF).
Led by newly appointed CEO Dr. Marcus Kostka and CSO Dr. Jörg Vollmer, Abalos Therapeutics is developing new immuno-oncology therapeutics based on a specific arenavirus strain that preferentially infects and proliferates in cancer cells generating a strong anti-tumor immune response.
The company intends to use the funds to advance its arenavirus-based lead candidates towards clinical testing. They will develop the initial product candidates using its proprietary Fast Evolution platform, which will generate virus strains with optimized anti-tumoral properties. These candidates will be selected based on their ability to re-program the immune system to specifically and efficiently eliminate the malignant tumor tissue.
The approach is based on the innovative research of immunologists Prof. Dr. Karl Lang, Chair of Immunology at the Medical Faculty, University Duisburg-Essen and Prof. Dr. Philipp Lang, Director of the Department of Molecular Medicine II, University Düsseldorf. Abalos builds on a close collaboration with the Universities Duisburg-Essen and Düsseldorf.