Abalos Therapeutics Secures €12 Million Series A Funding to Advance Novel Oncolytic Arenavirus-Based Cancer Immunotherapies

On October 17, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biotechnology company Abalos Therapeutics (“Abalos”) announced the completion of a €12 million Series A financing round. The round was led by Boehringer Ingelheim Venture Fund (BIVF) and Gruenderfonds Ruhr, with participation from NRW BANK and the High-Tech Gründerfonds (HTGF).

Following the completion of this financing round, Abalos will continue to conduct clinical trials targeting specific arenaviruses to develop novel cancer immunotherapies. Additionally, representatives from all investors will join the newly established Supervisory Board of Abalos, with Dr. Marcus Kostka serving as Chief Executive Officer and Dr. Jörg Vollmer as Chief Scientific Officer.

Abalos, headquartered in North Rhine-Westphalia, Germany, is a biotechnology company. The company primarily conducts clinical immune response testing on viruses with antitumor properties to develop novel cancer immunotherapies. Abalos’ mission is to help patients activate more immune-related cells in the body to prevent primary tumors.

Abalos’ proprietary Fast Evolution platform can be used to produce viruses with antitumor properties. The company’s R&D team will leverage these viruses to screen for tumor-specific therapeutic agents and develop novel cancer immunotherapies.

Dr. Marcus Kostka, CEO of Abalos Therapeutics, stated: “Abalos is committed to leveraging the potent immune-activating capabilities and highly specific tumor tropism of viruses, and to clinically evaluating drug efficacy and safety through a differentiated immuno-oncology approach.”

Dr. Aristotelis Nastos of Gruenderfonds Ruhr commented, “Significant progress has been made in immuno-oncology in recent years; however, the development of drugs that activate immune system functions remains a major challenge. We aim to develop novel cancer immunotherapies to reduce the risk of tumor occurrence and metastasis.”

BIVF, established in 2010 and headquartered in Rhineland, Germany, is the venture capital arm of Boehringer Ingelheim, the world’s largest privately held pharmaceutical company, with a primary focus on life sciences and technological innovation.

Gruenderfonds Ruhr is a venture capital and financial services firm. The company primarily focuses on life sciences, the digital economy, chemistry and new materials, energy and industry, as well as logistics and trade.

NRW.BANK was established in 2002. Headquartered in North Rhine-Westphalia, Germany, it is a promotional bank. The institution primarily provides financial support to local enterprises, with a main focus on structural, economic, social, and housing policy sectors.

HTGF, established in 2005 and headquartered in North Rhine-Westphalia, Germany, is a venture capital and financial services firm. The company primarily focuses on the healthcare, life sciences, and information and communications technology (ICT) sectors.

(Compiled by Xu Xiaoxue)