Imperial Innovations Group plc (AIM: IVO, ‘the Group’, ‘Innovations’) is pleased to announce that portfolio company Kesios Therapeutics (‘Kesios’ or ‘the Company’), which is developing novel therapeutics for the treatment of multiple myeloma and other cancers, has closed a £19.0 million Series A funding round from a syndicate of leading venture investors including Innovations, SV Life Sciences and Abingworth.
Innovations has committed £6.0 million to Kesios as part of the Series A financing. Innovations’ aggregate investment in Kesios to date is £3.3 million, and after this funding round, the Group will hold a 42.0 per cent stake in the Company.
Concurrent with the financing, Kesios has expanded its leadership team appointing Paolo Paoletti MD, formerly President of GSK Oncology, as Chief Executive Officer. He joined the company as Executive Chairman earlier in 2015. Jane Robertson, MD, joined as Chief Medical Officer after leading clinical development activities at AstraZeneca for a number of oncology products, including most recently the development and registration in the EU and US of Lynparza®. Peter Charlton was appointed Chief Scientific Officer having previously worked at Vertex as VP, Biology. Dayle Hogg has also joined Kesios as Chief Operating Officer following his role as an investment manager at Imperial Innovations.
Maina Bhaman, Director of Healthcare Ventures, Imperial Innovations commented
“It is just over a year since Innovations completed a seed funding round in Kesios and in that time the company has made swift progress in building a world-class management team to advance its innovative science and drug development.
“The company’s lead drug candidate is about to enter clinical studies and with this substantial Series A financing behind it, this team is in a strong position to deliver a new treatment option for patients with multiple myeloma.”