Cellestia Biotech, an oncology drug spinout of EPFL, has closed its seed funding at $8m after securing a third tranche backed by PPF Group, the owner of biotech company Sotio.
Cellestia Biotech, a Switzerland-based oncology drug developer spun out of Ecole Polytechnique Fédérale de Lausanne (EPFL), has completed its seed funding, raising Sfr8m ($8m) from investors including diversified holding company PPF Group.
The funding consists of Sfr500,000 and Sfr2.3m tranches that were closed in 2016 and a Sfr5.2m third tranche that was provided by PPF and undisclosed private investors. CTI, the Swiss Commission for Technology Innovation, is also a backer.
Founded in 2014, Cellestia is working on drugs that will treat cancer by inhibiting a cell signaling system called the notch pathway.
Notch performs an important part of cell differentiation, growth and stem cell maintenance, and genetic lesions can drive cancers when they activate the pathway. Cellestia’s lead product candidate, CB-103, is being developed to combat leukaemia, lymphoma and solid tumours.
Jens Hennecke, chief business officer of PPF’s biotechnology subsidiary Sotio, said: “We are excited about our investment into Cellestia, with its strong management team and network of excellent academic collaborators.
“The preclinical data of CB-103 have proven that the broad inhibition of the notch signalling pathway is a very promising approach for the treatment of cancer. We are very much looking forward to demonstrating the benefit of CB-103 to cancer patients.”
– A version of this article first appeared on our sister site Global Corporate Venturing.
