Epsilogen, a global leader in the development of novel immunoglobulin E (IgE) antibodies to treat cancer, announced it has secured £30.75 million ($41.20 million) in an oversubscribed Series B financing round. The round was led by new investor Novartis Venture Fund and joined by new investors 3B Future Health Fund and British Patient Capital, Schroders Capital and Caribou Property.

The new syndicate joins founding Series A investor Epidarex Capital and Series A investor ALSA Ventures both of whom also committed further capital in this Series B fundraising round. In connection with the closing of the financing, Dr Marianne Uteng of Novartis Venture Fund and Dr Marianne Bjordal of 3B Future Health Fund will join Epsilogen’s Board of Directors.

The proceeds from the financing will enable Epsilogen to establish clinical proof of concept for lead drug candidate MOv18 IgE in a phase Ib trial in platinum-resistant ovarian cancer, an aggressive cancer with poor treatment alternatives. MOv18 IgE targets the folate receptor alpha (FR alpha) antigen and is the world’s first IgE antibody to enter the clinic. Previously announced data from a phase I trial shows MOv18 IgE to be safe and well tolerated with early signs of clinical activity also seen.

The financing will also enable Epsilogen to progress the development of its proprietary IGEGTM antibody platform which combines elements from both IgE and IgG antibodies into novel and proprietary antibody molecules with enhanced functionality.

Dr Tim Wilson, Chief Executive Officer of Epsilogen, commented: “This significant, new financing round will not only fund demonstration of clinical Proof of Concept for MOv18 but also allow Epsilogen to maintain its position as the leading pioneer in the development of IgE therapeutic antibodies for the treatment of cancer. We are very pleased to have attracted new investors of the calibre of Novartis Venture Fund, 3B Future Health Fund, British Patient Capital, Schroders Capital and Caribou Property. We also appreciate the continued support and investment from our existing investors Epidarex Capital and ALSA Ventures.”

Judith Hartley, CEO of British Patient Capital, said: “We are pleased to be investing in Epsilogen, which is a highly innovative company seeking to create therapies for hard-to-treat solid tumours. This the second life sciences investment from Future Fund: Breakthrough, which aims to improve access to later stage equity finance for R&D-intensive UK companies with cutting edge technologies.”