HBM Healthcare leads €127m series-B for IO Biotech

Other new investors include Vivo Capital, Kurma Partners, Avoro Capital, RA Capital Management, Samsara Biocapital, Idinvest Partners, PFM Health Sciences, Soleus Capital, Eir Ventures and Serrado Capital. Existing investors were Novo Seeds, Lundbeckfonden Emerge and Sunstone Life Science Ventures.

The funding follows the US Food and Drug Administration (FDA) granting the company breakthrough therapy designation for a combination of the potential therapies IO102 and IO103 with anti-PD-1 monoclonal antibodies for treating patients with an unresectable or metastatic melanoma.

The company will put the proceeds towards clinical trials for its early- and late-stage immune-oncology programmes.

Previous funding
Lundbeckfond and Novo Seeds invested €11m in IO Biotech in January 2016 in a series-A financing. In December of the same year, Sunstone Capital, alongside Lundbeckfonden and Novo, provided €8.5m in an extended series-A round for the company.

Company
Founded in 2015 and based in Copenhagen, IO Biotech is a clinical-stage biotech company developing immune therapies for immunological treatment of cancer. Its lead candidates are IO102 and IO103, both of which are based on the company's proprietary T-win technology. The company has fewer than 50 staff. 

People
IO Biotech – Mai-Britt Zocca (CEO, founder).  
HBM Healthcare Investments – Dr Priyanka Belawat (investment adviser).
Lundbeckfonden Emerge – Christian Elling (managing partner).

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• Topics
• Early-stage
• Nordics
• Healthcare
• Nordic venture
• IDInvest Partners (AGF Private Equity)