Business & Finance
Oncomatryx Raises EUR 15m to Conduct Clinical Trials Against the Tumor Micro-Environment
19 April 2022 - - Spain-based biopharmaceutical company Oncomatryx is embarking on a new phase in the development of its tumor microenvironment - targeted ADCs, the company said.

The company said that OMTX705 has already proven high antitumor efficacy and unbeatable ADC safety in murine and non-human primate models.

Phase I clinical trials in patients suffering metastatic solid tumors will be launched in Europe and USA in 2Q22.

In order to fund OMTX705 Phase I clinical trials, Oncomatryx has raised EUR 15m.

The capital increase was funded by current shareholders and by national and international family offices.

These funds, together with Oncomatryx recurring revenues from its licensing agreements with international biopharmaceutical companies, will be used for the clinical development of additional ADCs of Oncomatryx tumour-microenvironment pipeline.

The total investment for the three-year period 2022-2024 will be EUR 50m.

In addition, Dr. Ignacio Garcia-Ribas has been appointed as medical director of Oncomatryx. Dr. Garcia-Ribas will lead the clinical development of OMTX705 and oversee the transition of molecules in the Oncomatryx pipeline from preclinical to clinical studies.

Dr. Garcia-Ribas is a medical oncologist with 17 years of experience in early-stage oncology drug development.

Most recently he was chief medical officer of the Swedish company Cantargia where he created and implemented the initial development plan for Nadunolimab in both Europe and USA.

He previously worked at Takeda as global clinical lead on several Phase 1/2 programmes with a specific focus on immuno-oncology, and before that he was senior medical director and a member of the Early Development Group of Sanofi's Oncology Division where he was involved in the clinical development of small molecules and ADCs.

Prior to that, he was part of the Early Development Unit at Eli Lilly, where he contributed to the development of several small molecules and antisense oligonucleotides.

Dr. Garcia Ribas received his PhD in Medicine from the Richard Dimbleby Cancer Research Department/ICRF Unit at St. Thomas' Hospital in London, which focused on cancer gene therapy.

Oncomatryx's work focuses on the development of precision biopharmaceuticals that target the microenvironment of metastatic solid tumors.

Based in the Bizkaia Technology Park, Oncomatryx has discovered new mechanisms and proteins in the peritumoral stroma that surrounds the tumour and enables it to become invasive, immunosuppressive, resistant to treatment and metastatic.

Oncomatryx has embarked on the development of pioneering drugs against the peritumoral stromal proteins, in collaboration with universities, hospitals and research centres in the USA and Europe.