In this episode of Raising Biotech, host Surani Fernando explores the journey of German biotech iOmx, which has raised €115 million across Series A and B funding rounds since its inception in 2016. The discussion features Apollon Papadimitriou, CEO of iOmx, alongside Professor Philipp Beckhove, Director of the Regensburg Center of Interventional Immunology, and Jared Holtz, healthcare equity strategist at Mizuho Securities. Together, they delve into iOmx’s innovative immuno-oncology platform, the company’s strategic direction, and its potential to reshape cancer treatment.
iOmx’s platform, built on research from the German Cancer Research Center (DKFZ), aims to uncover new immune escape pathways that allow tumors to evade the body’s natural defenses. Papadimitriou explains that their technology uses a genetic knockout system to screen every gene in the human genome, enabling them to identify and target these pathways. The lead compound, OMX-407, is a multi-targeting kinase inhibitor currently in early-phase clinical trials, designed to work independently of the widely known PD-1/PD-L1 axis—offering a novel approach in a crowded oncology space.
Professor Beckhove, the scientific founder, sheds light on the challenges of immunotherapy and why many tumors resist even the most aggressive immune attacks. His lab's work revealed that some enzymes and kinases not only block these attacks but can even convert immune signals into growth signals for the tumor. iOmx’s platform seeks to block these mechanisms, enhancing the effectiveness of immune cells against tumors.
Backed by top-tier investors like MPM Capital and Sofinnova Partners, iOmx’s Series A funding of €40 million laid the foundation for their early research. A subsequent €65 million Series B round in 2021 was expanded to €75 million in 2023, providing the capital needed for clinical development and expanding their reach in the biotech market. Papadimitriou emphasizes how their strategy of demonstrating single-agent efficacy—rather than relying on combination therapies—distinguishes iOmx from other players in the field.
Holtz offers an investor’s perspective, noting that the company’s focus on rare cancers first, such as angiosarcoma, before expanding into larger indications like renal cell carcinoma, is a smart and strategic move. He points out that early monotherapy success in tough-to-treat cancers could draw significant interest from major pharma companies looking for innovative assets.
Papadimitriou hints at a potential IPO, depending on the outcome of their clinical trials and the state of the market, with plans to close a Series C round soon. Professor Beckhove remains optimistic about the future, emphasizing the importance of getting these therapies to patients, whether through an IPO or acquisition by a larger pharma partner.
Curious about how iOmx is setting itself apart in the crowded oncology space and its plans for the future? Tune into this episode of Raising Biotech for insights from Apollon Papadimitriou, Professor Philipp Beckhove, and Jared Holtz.
[This episode was published on 18 June 2024]