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 company has strengthened its financial position through a new share issue, with the investment company Sciety and investment syndicate Sciety Venture Partners. Alongside this, the company has received a grant from the European Innovation Council (EIC) Accelerator, a part of the EU’s Horizon Europe program.
“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.
An ongoing phase I/II study
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, it states.
“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.
The 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 tumor growth.