Medical University of Innsbruck has become the latest institution to capitalise on the growing investor interest in immunotherapy as its spin-out ViraTherapeutics secures €3.6m ($4.03m) series A.
Established in 2013, the Austria-based Vira’s round was co-led by pharmaceutical firm Boehringer Ingelheim’s corporate venturing unit and EMBL Ventures, with participation from state-backed financing bank Austria Wirtschaftsservice (AWS). In addition, the company has also recently secured €1.6m in grants from research foundation the Austrian Research Promoting Agency and AWS’ seed financing initiative.
Vira is using the cash to develop its lead drug candidate, VSV-GP, through clinical trials and proof-of-concept testing.
Rather than going down the genetically altered T-cells approach that other immunotherapy companies are using, Vira is instead developing a virus that seeks out cancerous tumours. Once identified, the virus will rapidly reproduce in cancerous tissue, quickly leading to its destruction. The treatment could either be used as a standalone, or in conjunction with other oncology therapies.
Jan Adams, managing director at EMBL Ventures, said: “Vira’s VSV-GP clearly stands out in the exciting immuno-oncology space given it could be the first oncolytic viral treatment with the ability to be administered systemically on multiple occasions. This is a key differentiator and is expected to make a significant difference to the treatment benefits it could deliver to cancer patients. We are very pleased to be supporting Vira as it strives to become a leading player in the highly promising immuno-oncology space.”
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