The trial aims to assess the safety, tolerability and optimal Phase II dosage of THEO-260 for treating ovarian cancer. Credit: Jo Panuwat D / Shutterstock.

UK-based biotechnology company Theolytics has received a £2m ($2.6m) grant to support a Phase I clinical trial of its lead candidate, THEO-260, for advanced-stage platinum-resistant ovarian cancer.

The non-dilutive funding was provided by Innovate UK, a unit of the UK Government’s public body UK Research and Innovation (UKRI).

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It complements the £19m raised earlier from investors such as M Ventures, Epidarex Capital, Taiho Ventures, Oxford Science Enterprises, Oxford University Innovation and Sound Bioventures.

The grant will primarily be used to fund Theolytics’ upcoming multi-centre, open-label trial of THEO-260.

Due to begin in the coming months, the trial aims to assess the safety, tolerability and optimal Phase II dosage of the drug.

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The funding will also enable a biomarker study to understand and validate THEO-260’s distinct mechanism, which targets the destruction of cancer cells and immune-suppressive stromal cells while promoting T cell activation.

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Theolytics co-founder and chief scientific officer Margaret Duffy said: “We are excited to be edging closer to providing a treatment option for women with ovarian cancer.

“This is a devastating disease for which current treatment options are limited. We are grateful for the support of Innovate UK in partnering with us to help achieve our aim to transform the lives of cancer patients.”

THEO-260 is an oncolytic adenovirus therapy being developed for ovarian cancer treatment.

The drug candidate has shown promising results in preclinical models, including patient-derived ovarian cancer samples.

Theolytics translational development vice-president Miriam Bazan Peregrino said: “This competitive award from Innovate UK in the category of ‘Transforming Cancer Therapeutics’ reflects the novelty of our research, as well as our ability to deliver operational excellence as we move forward to the clinic.

“This will allow us to precisely demonstrate the mechanism of action of THEO-260, which we anticipate will provide key information to enhance further development of this immunotherapeutic oncolytic virus and our wider platform.”