The Swedish biotechnology company Neogap Therapeutics announces that the company has raised SEK 54 million in a new share issue and has also been granted an additional SEK 29 million in innovation funding from the EU.
The total capital injection will be allocated to the company’s ongoing clinical phase I/II study of patients with colorectal cancer and preparations for the subsequent study.
Neogap Therapeutics, a company developing cell therapy for personalised cancer treatment, has strengthened its financial position through a new share issue of SEK 54 million, before issue costs, with the investment company Sciety and investment syndicate Sciety Venture Partners. Alongside this, the company has received a grant of just over SEK 29 million from the European Innovation Council (EIC) Accelerator, a part of the EU’s Horizon Europe program.
The positive comments from the EIC Accelerator evaluation notably underscore the unique nature and potential of Neogap’s treatment: “Neogap has a unique approach to a complete individualised therapy that unlike any other current therapies has curative potential in many types of solid cancer with low risk of serious side effects.”
“These capital injections are a clear endorsement of the innovative spirit and dedicated team efforts that define Neogap’s work. The EU funding confirms our ambition to be a driving force in the field of cancer therapy. With these resources, we can continue our development work as planned, bringing us closer to our long-term objective – to improve treatment and increase survival for cancer patients,” says Samuel Svensson, CEO of Neogap.
“We are delighted to once again invest in Neogap and thus be able to contribute to important advances in cancer treatment. The company has a unique approach that is based on the realisation that each cancer is unique and differs between different patients and tumours. By using proprietary algorithms for machine learning and patented technology to train the patient’s own T-cells to attack the cancer cells, the company develops a completely individualised treatment,” says Andreas Lindblom, Managing Partner at Sciety.
Neogap’s personalised immunotherapy has the potential to tackle a variety of cancer types, with a primary focus on colorectal cancer, which accounts for approximately 10% of all cancer cases and is the second leading cause of death due to cancer. Leveraging its technologies, PIOR® and EpiTCer®, Neogap is developing personalised therapy strategies for each patient. This bespoke and targeted approach ensures that the therapy selectively attacks cancer cells and minimises impact on healthy tissue, which in turn contributes to a low risk of side effects.
Neogap’s ongoing phase I/II study primarily aims to demonstrate the treatment’s safety, but the company will also explore signs of treatment efficacy, including measurement of tumour growth.
