Netherlands-based OncoLize, a company that develops injectable drug depots to treat rare and deadly tumour diseases, announced on Thursday, April 13, that it has secured $1.7M (approximately €1.54M) in funding.
With this financing, the company aims to extend its preclinical success with a localised drug delivery system to treat Pancreatic and Lung cancer.
The round was led by Libertatis Ergo Holding and Tailored Solutions (from TomTom co-founder Pieter Geelen). They were joined by three high-net-worth impact investors.
Libertatis Ergo Holding (LEH) is an independent subsidiary of Leiden University, which invests in science-based startups.
“Treating Tumours from the Inside”
OncoLize creates injectable medication depots for the treatment of uncommon and fatal cancer illnesses.
The company was founded in 2017 by Mike G.W. de Leeuw with industry veterans Dr Leo de Leede and Prof Dr Helena Kelly, the inventor of the OncoLize technology platform, based at RCSI School of Pharmacy and Biomolecular Sciences.
OncoLize’s technology, which is appropriate for both chemo- and immuno-therapy, use liquid formulations to administer a variety of anti-cancer medications in a safe, targeted, and more efficient manner.
The company’s liquid formulation instantly thickens to create a soft gel depot when injected into a solid tumour. The depot steadily degrades as its drug payload is released into the tumour mass in increased quantities over the course of days to weeks.
This targeted form of administration might lessen the negative effects connected with oral or intravenous anti-cancer medicine delivery while also drastically reducing the total drug load.
Capital utilisation
OncoLize says it will use the funds to expand its pre-clinical studies and prepare for the first-in-human pancreatic tumour studies.
The company holds a worldwide, exclusive licence for the oncology technology developed by RCSI University of Medicine and Health Sciences, Dublin, Ireland. The production will initially be done at RCSI.
Dr Luuk Hawinkels’ team in the Department of Gastroenterology and Hepatology at the Leiden University Medical Centre (LUMC) will conduct preclinical testing and surgical operations in Leiden, Netherlands, under the direction of Prof. Dr Jeanine Elise van Hooft.
To raise Series A in 2024
OncoLize reports that it will establish its headquarters and laboratory at the Leiden Bio Science Park in the Netherlands in 2024 with a projected Series A round of $8.8M. The Phase 1/2 study for pancreatic cancer that is just barely treatable with surgery is the initial goal.
Pancreatic cancer is an extremely dangerous type of cancer that is rarely treatable. The chances of living are quite slim and the quality of that life is sometimes greatly diminished by drastic therapies, major side effects, and expensive medical expenses.
With the partnership of the Dutch Pancreatic Cancer Group, the Netherlands has elevated its position as a global leader in clinical innovation.
OncoLize mentions that, alongside the initial clinical studies, it also wants to broaden into more tumour indications.
It has also joined a collaboration for the targeted delivery of contemporary immune-modulating medications funded by the Dutch Cancer Foundation and coordinated by Prof. Dr Jai Prakash from the University of Twente.
