Pfizer Ventures and Earlybird Venture Capital co-led the financing, which also included funding from new investors Oxford Science Enterprises and British Patient Capital as well as existing investors Canaan and Andera Partners.

The proceeds from the financing will support the continued development of the company's immuno-oncology approaches designed to overcome key resistance mechanisms through the creation of novel cancer antigens. This includes the anticipated advancement of the company's lead asset, GRWD5769, into a Phase 1/2 clinical trial in the first half of 2023.

Grey Wolf Therapeutics said that its therapeutic strategy is centered on generating immune responses against tumors thereby overcoming key resistance mechanisms to current immuno-oncology therapy such as poor tumor recognition by T cells and T-cell exhaustion.

This is achieved through targeted inhibition of the endoplasmic reticulum aminopeptidases (ERAP1 or ERAP2), which enables the generation and presentation of potent cancer antigens to the surface of tumor cells, in turn eliciting a de novo T-cell response against tumors, the firm added.