IO Biotech Secures Significant Funding for Cancer Vaccine Development

IO Biotech's Major Funding Achievement

IO Biotech, a prominent clinical-stage biopharmaceutical company focused on immune-modulating cancer vaccines, recently announced securing a loan facility of up to €57.5 million from the European Investment Bank (EIB).

Funding's Purpose and Strategic Importance

The funds from this significant financing are expected to be directed toward the advancement of IO Biotech's innovative therapeutic cancer vaccines, particularly the promising IO102-IO103. This initiative underscores the company's commitment to developing treatments with a potential Biological License Application (BLA) submission scheduled for 2025.

Commitment from European Investment Bank

This financial support is part of the EIB's strategy to bolster biotech companies that excel in pioneering therapeutic areas, notably in immuno-oncology. Such collaborations highlight the importance of combining public funding with private innovation to expedite breakthroughs in cancer treatment.

Details of the Debt Facility

The loan is structured into three main tranches totaling €37.5 million, contingent on the company meeting certain conditions, alongside an additional uncommitted accordion tranche of €20 million. The first two tranches are anticipated to be disbursed in early 2025, extending IO Biotech's financial runway into 2026.

Expert Insights

Amy Sullivan, IO Biotech's Chief Financial Officer, emphasized the critical nature of this support, stating that it will facilitate the ongoing development and pre-commercialization of IO102-IO103 and other pipeline candidates stemming from their innovative T-Win platform.

Overview of IO102-IO103

IO102-IO103 is an investigational cancer vaccine designed to effectively activate T cells against tumor cells and immune-suppressive entities within the tumor microenvironment. Following exhilarating results from early trials involving metastatic melanoma, this candidate has received Breakthrough Therapy Designation from the FDA for advanced melanoma treatment.

Current Clinical Trials

The company is actively conducting pivotal Phase 3 clinical trials to evaluate IO102-IO103 in combination with pembrolizumab against pembrolizumab alone. This is in addition to Phase 2 trials exploring the effectiveness of their vaccine across a range of solid tumors.

Company Background

Founded on groundbreaking ideas, IO Biotech operates from Copenhagen, Denmark, and maintains a US presence in New York. The company is dedicated to pushing the boundaries of cancer vaccine development, leveraging its T-Win platform to target the challenging tumor microenvironment effectively.

Connect with IO Biotech

For additional details about IO Biotech and its innovative solutions, please visit www.iobiotech.com. Stay updated by following them on social media channels, including LinkedIn and their Twitter handle.

Frequently Asked Questions

What is IO Biotech's recent funding aimed at?

The funding is primarily aimed at advancing their immune-modulating cancer vaccines, particularly IO102-IO103, and supporting pre-commercialization efforts.

How much funding has IO Biotech secured?

IO Biotech has secured a total of €57.5 million from the European Investment Bank.

What is the significance of IO102-IO103?

IO102-IO103 is a promising investigational cancer vaccine with Breakthrough Therapy Designation for treating advanced melanoma.

What are the conditions for the loan disbursement?

The company must meet specific conditions, including raising additional funds and submitting marketing authorization applications.

Where is IO Biotech headquartered?

IO Biotech is headquartered in Copenhagen, Denmark, with an operational base in New York, USA.

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