Schroders Capital Global Innovation Follow-on investment in iOnctura BV

RNS Number : 0799T

Schroders Capital Global Innovation

20 June 2024

 

20 June 2024

 

Schroders Capital Global Innovation Trust plc

Follow-on investment in iOnctura BV

 

Schroders Capital Global Innovation Trust plc (the "Company") is pleased to announce its second follow-on investment in iOnctura BV ("iOnctura"), a clinical-stage biotech firm that focuses on combating neglected and hard-to-treat cancers by developing experimental oral small molecule treatments designed to maximise anti-tumour efficacy while prioritising patient safety. The Company invested £1.4 million (EUR 1.7 million) in a funding round that raised £68 million (EUR 80 million). This round was led by new investor Syncona and saw participation from the European Innovation Council Fund and other existing investors including M Ventures, Inkef Capital, VI Partners, and 3B Future Health Fund.

 

In December 2023, iOnctura shared positive clinical data for roginolisib, an oral allosteric modulator of PI3Kδ used to treat various solid and hematologic malignancies, including uveal melanoma. The funding will be utilised to expedite the development of roginolisib for treating uveal melanoma (UM), a rare eye cancer. In the Phase Ib clinical trial, roginolisib showed long-term safety and promising efficacy in UM, demonstrating sustained clinical activity over many months. Comprehensive results will be released in the upcoming months.

 

Moreover, the Series B financing will be used to further develop iOnctura's pipeline asset, IOA-289 (cambritaxestat). Cambritaxestat is an autotaxin inhibitor in clinical development for cancer treatment. It is targeted towards highly fibrotic tumours that overexpress autotaxin. A Phase Ib study of cambritaxestat in combination with chemotherapy in metastatic pancreatic cancer is currently in progress.

 

This investment aligns with the Company's sub-strategy of backing innovative life science companies at the near-clinical or clinical stage of development. This investment follows the Company's initial £1.4 million (EUR 1.6 million) investment in iOnctura's previous £9.4 million (EUR 11.1 million) convertible loan note in Q3 2022. The Company's total investment in iOnctura now stands at £2.8 million (EUR 3.3 million).

 

Enquiries:

Schroder Investment Management Limited

Kirsty Preston (Press)                    0207 658 1961

John Spedding                                0207 658 3206

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