January 26, 2022 -- Cytovation has successfully closed a series A financing round, raising a total of 180 million Norwegian krone ($20 million U.S.). The funds will primarily be directed toward the clinical development of the company's lead asset, CyPep-1, a proprietary targeted tumor membrane immunotherapy engineered to selectively target cancer cells.
CyPep-1 eliminates cancer cells by forming pores in the plasma membrane, releasing cancer-specific antigens to the immune system, promoting an inflammatory microenvironment and inducing a tumor-specific immune response by in situ vaccination, according to Cytovation. Preclinical data suggest this mode of action is highly synergistic in combination with checkpoint inhibitors.
Proceeds from the series A funding will be used to progress the CyPep-1 oncology program to phase II and explore opportunities for pipeline development with CyPep-1-targeting patients.
Cytovation is a clinical stage immuno-oncology company focused on the development of its first-in-class targeted tumor membrane immunotherapy.
The series A round was led by Sandwater, a Norwegian venture capital firm that invests in groundbreaking companies across a range of industries, including the life sciences, and Canica, a large, privately owned investment company operating out of Norway and Switzerland that is focused on building highly innovative companies that aim to create value for investors and society as a whole.
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