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Nodus Oncology Secures £2.4m ($2.9m) Investment
- KHAN Technology Transfer Fund I (KHAN-I) have invested alongside existing investor Cumulus
- Bert Klebl, Managing Director of KHAN-I will join the Board of Nodus Oncology
Edinburgh, Scotland, 7 February 2023 – Nodus Oncology (“Nodus” or “the Company”), an emerging biotech company focused on developing first- and best-in-class molecules that inhibit novel DNA damage response (DDR) targets, today announces that it has raised £2.4 million ($2.9 million) from new investor KHAN Technology Transfer Fund I (“KHAN-I”) and existing investor, Cumulus Oncology. Founded in September 2022 following the acquisition of Basilea Pharmaceutica’s PARG programme,
Nodus focuses on the development of inhibitors against novel “third-wave” DDR targets, a new set of proteins that have recently been discovered and are thought to play important roles in the response to DNA damage. With this new funding, Nodus will be able to accelerate the development of its PARG programme in collaboration with the Lead Discovery Center GmbH (“LDC”), continue the development of novel DDR targets and further expand the Company’s portfolio.
Ian Waddell, CEO of Nodus Oncology said: “Nodus is focused on developing the next wave of cancer therapeutics in the DDR space, bringing new and effective treatment options to patients. This funding will allow us to continue to accelerate our development programmes, including our PARG programme, and allow us to expand our innovative portfolio. I would like to thank our investors and founders for their ongoing support, and I am looking forward to working together to make a real difference in the fight against cancer.“
“This collaboration illustrates the value-creation opportunity presented by combining Cumulus’ business model, the drug discovery capabilities of the LDC in Dortmund, and the resources of the KHAN-I fund,” said Bert Klebl, Managing Director at KHAN-I, “We are looking forward to working with Nodus to accompany it in its growth journey.”
Bert Klebl and Michael Krebs will be joining Nodus’ Board of Directors as investor representative and observer, respectively.
About Nodus Oncology
Nodus Oncology is a biotech company developing first- and best-in-class molecules targeting the DDR in patient sub-groups where molecular vulnerabilities exist. Founded by Cumulus Oncology, which contributes capital and oncology discovery and development expertise to the creation of new biotech companies, Nodus has received seed investment from both Cumulus Oncology and additional investors.
For more information visit: www.nodusoncology.com.
KHAN Technology Transfer Fund I GmbH & Co KG (KHAN-I) is an early-stage life sciences venture fund with €70 million under management. Our mission is to create value through cooperative drug development partnerships with academic innovators in Europe. KHAN-I focuses on first-in-class therapies for attractive markets with a high unmet medical need. The fund is managed by Khanu Management GmbH, an experienced team of professionals with proven track records in early-stage drug development and academic spin-offs as well as pharma licensing and partnering. KHAN-I received an investment from the European Investment Fund (EIF) with the support of InnovFin Equity, and with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (“EFSI”) under the Investment Plan for Europe. KHAN-I is also supported by Austria Wirtschaftsservice GmbH (AWS with funds provided by the Austrian Federal Ministry for Digital and Economic Affairs and the Austrian Foundation for Research, Technology, and Development), Max Planck Foundation, and Thyssen’sche Handelsgesellschaft mbH. In addition, KHAN-I sustains a preferred partnership with the Max-Planck Society (Max-Planck Gesellschaft e.V.).
For more information visit: www.khanu.de
About Cumulus Oncology
Founded in 2017, Cumulus sources novel oncology assets from academic institutes, commercial drug discovery groups, and biopharmaceutical companies. The company also identifies novel targets for drug discovery programmes that it supports and collaborates on. Following rigorous due diligence and market assessment activities, negotiations on deal terms, and in-depth feasibility on the investment case, selected assets are spun out into newly created companies. These NewCos are managed to key value inflection points by Cumulus, which also takes responsibility for further investment into each NewCo via its network of VC partners. The founding team consists of successful life science entrepreneurs, oncologists, scientists, and other oncology drug development and pharma sector business professionals. Asset classes of interest include small molecules and biologics that target known and novel pathways in cancer where there is a clear path forward into clinical development, often in molecularly selected sub-groups.