Lytix Biopharma raises approximately 80 million NOK
Lytix Biopharma AS has successfully raised approximately 80 million NOK from new and existing shareholders. The new funding enables the company to continue the development of the company’s cancer immunotherapy project LTX-315 through 2016.
- We are very pleased that new and existing investors share our confidence in the potential for the oncolytic peptide LTX-315 in the rapidly advancing field of immunotherapy. With this new funding in place, we aim to initiate combination trials in order to generate new valuable data, says Lytix Biopharma CEO Unni Hjelmaas.
A total of 224.179 new shares will be issued to existing and new shareholders at a subscription price of NOK 350 per share, increasing the total number of shares in the company to 1.000.381. All of the company’s largest shareholders, including North Murray AS, TAJ Holding AS, Care Holding AS, Lysnes Invest AS, Hopen Invest AS, TAVE Invest AS, Picasso Capital AS and Norinnova Invest AS participated in the share issue.
Arctic Securities has been the advisor and facilitator of this capital raise.
LTX-315 induces a potent stimulation of an extended range of tumor-specific T-cells attacking cancer, thereby increasing patient specific immune response. LTX-315 “pushes the accelerator” of the immune system through the release of potent immune stimulants. Furthermore, LTX-315 differentiates from many other cancer immunotherapies by inducing the release of an extended range of patient-specific tumor antigens including neo-antigens.
Combinations of complementary immunotherapy treatments are expected to be an integral part of future cancer treatment delivering significant clinical benefit. ICIs “release the brakes” imposed by the tumor on the immune system. LTX-315 has the potential to augment efficacy of ICIs without adding toxicity.