ImmVirX raising $25m led by renowned healthcare VC OneVentures

ImmVirX Pty Limited, a life sciences company focused on developing next-generation, receptor targeted oncolytic viral immunotherapies to transform outcomes for patients with some of the most prevalent and challenging cancer types, has announced that it is raising up to A$25 million via Series B preference shares (“Offer”), funding the Company’s clinical development through to 2026.

The raise is led by highly regarded healthcare venture capital firm OneVentures, who have subscribed for A$15 million with the remaining A$10 million being offered to existing shareholders and new investors. Several existing substantial investors including Acorn Capital have placed bids to participate in the Offer.

The Offer is at a premium to the Series A-1 raise completed in 2021, with the OneVentures financing completed following a shareholder meeting on 25 May 2023. Bell Potter Securities is acting as Corporate Advisor to the transaction.

Funds raised from the Offer will be used for both preclinical and clinical trials to further develop and expand the Company’s technology pipeline as well as manufacturing and corporate and business development activities. Utilising its proprietary bioselection technology the Company will add to its portfolio a further oncolytic virus targeting late-stage lung cancer.

In April, the Company announced that it had dosed its first patient in its two-part Phase 1 clinical trial of its bio-selected oncolytic virus, IVX037. The Phase 1a part of the study will assess IVX037 in patients with late stage colorectal, gastric or ovarian cancer, three of the most prevalent cancer types globally. Clinical data readouts will occur throughout 2023.

As part of the OneVentures investment, Dr Jeannie Joughin, a Principal at OneVentures, has joined the ImmVirX Board as a Non-Executive Director. Dr Joughin brings over 20 years of experience locally and internationally in the biopharmaceutical and medical device space. Having held senior executive level positions globally, she brings extensive expertise in business development transactions, strategic partnerships and alliance management to support investment strategy.

Dr Joughin also brings extensive operational and leadership experience in research, clinical trial and commercial management, having held senior positions in multi-national pharmaceutical companies and start-up environments across the US, Europe and Australia, including Bristol-Myers Squibb, CSL, CSL Behring and Mayne Pharma. Dr Joughin also currently serves as Chair and director for OneVentures portfolio company BiVACOR and is a director of CCRM Australia.

“This is an outstanding result for the team at ImmVirX and for the unimpeded clinical development of our existing and planned programs,” said Dr. Malcolm McColl, CEO, Acting Chairman and Co-Founder of ImmVirX.

“Against the backdrop of what’s been a difficult capital market for biotechnology companies, it is testament to the work of our team thus far, and a significant vote of confidence from OneVentures to lead this round of funding.

“We are thrilled to welcome OneVentures to the register and appreciate the strong ongoing support of our existing shareholders. The new funds will enable us to accelerate the development of our innovative oncolytic viral immunotherapies and bring us closer to our goal of transforming outcomes for patients with some of the most prevalent cancer types.

“We are also delighted to welcome Dr Joughin to our Board. Her extensive international experience across research, clinical development, marketing and business development in the biopharmaceutical space will be invaluable.”

OneVentures’ Principal Dr Jeannie Joughin is very enthusiastic about the potential: “ImmVirX is a strategic investment for Fund III, providing a novel oncolytic immunotherapy which has the potential to improve treatment responses alone or when combined with other treatments and provides further diversification to the OneVentures’ Healthcare portfolio.

“We also see this as a great opportunity to partner with ImmVirX to expand the product pipeline and treat more underserved cancer types with huge market potential.”