Vyriad Raises $29.5M in Series B Funding


Vyriad, a Rochester, MN-based clinical-stage biotechnology company developing oncolytic virus therapies to treat a wide range of cancers, raised $29.5M in Series B funding.

The round was led by Mr. Harry Stine of Stine Seed Farms, Inc. with participation from Mayo Clinic, Mirae Asset, Regeneron Pharmaceuticals, and Southeast Minnesota Capital Fund. In conjunction with the funding, Dr. James Hampton, Professor Emeritus at Buena Vista University and genetics and genomics expert, has joined Vyriad’s Board of Directors in conjunction with the financing. This round adds to a prior closing for Vyriad’s Series B round and brings total funds raised by Vyriad since 2015 to over $100M.

The company intends to use the funds to accelerate its development efforts.

Founded by scientists at Mayo Clinic and the University of Miami, and led by CEO Dr. Stephen Russell, Vyriad is a clinical-stage company developing oncolytic virus therapies for the treatment of cancers. The company is currently working with various virus platforms, programming them to selectively kill cancer cells and ignite antitumor immune responses to complete and sustain the process of tumor destruction. Its lead clinical stage VSV asset, Voyager-V1, is being evaluated in ongoing Phase 1-2 clinical trials addressing multiple cancer types, alone or in combination with Regeneron’s PD-1 inhibitor Libtayo® (cemiplimab-rwlc).

Vyriad is privately held and based in Rochester, Minnesota.  Its 25,000 square foot facility on the Rochester Technology Center campus includes offices, state of the art research laboratories, a GMP manufacturing facility and support systems for multicenter oncolytic virus therapy clinical trials.