T3 Pharma raises over 25 million Swiss francs
T3 Pharmaceuticals AG has closed its third financing round, raising over 25 million Swiss francs. The Basel-based startup has developed a bacterial cancer therapy that it now intends to progress to clinical trials.
T3 Pharmaceuticals (T3 Pharma) has successfully closed a third financing round, raising over 25 million Swiss francs. According to a press release, the financing was co-led by existing investors, including the Boehringer Ingelheim Venture Fund, Reference Capital SA, Wille Finance AG and private investors. The company has raised over 40 million francs since it was founded in 2015.
A spin-off from the Biozentrum of the University of Basel, T3 Pharma has developed a novel cancer therapy using live bacteria. According to the University of Basel, the idea behind its approach combines two natural phenomena: that bacteria can colonize tumors and that certain bacteria can inject self-made protein molecules into human cells.
T3 Pharma intends to use the new funds to test its therapy in clinical studies, and a clinical trial in patients with solid tumors is planned to start in early 2021. The first phase will focus on safety and tolerability of the lead candidate and identification of the optimal dosage.
“This significant financing round comes at a pivotal moment for our company as we leverage the full potential of our proprietary platform and enter the clinic with our lead candidate,” said Simon Ittig, co-founder and CEO of T3 Pharma.