HOUSTON--(BUSINESS WIRE)--Diakonos Oncology Corp., a clinical-stage immuno-oncology company, announced today the final closing of an oversubscribed seed financing of $11.4 million. The round was led by biotechnology investment firm Restem Group Inc., with participation from existing investors.
To date, funds have enabled the company to establish manufacturing operations, add key leadership positions, and complete enrollment for the Phase 1 study of lead asset DOC1021 in the treatment of glioblastoma (GBM). The additional capital will fund operations into late 2025 and allow Diakonos to initiate the Phase 2 trial in GBM prior to closing a Series A round.
“We greatly appreciate the support of these investors in sharing our passion for improving the lives of patients suffering from deadly cancers such as glioblastoma,” said Mike Wicks, Diakonos CEO. “The fact that this financing is nearly triple our initial target also shows they share our confidence in the effectiveness of our unique cancer therapy. This investment will fund operations through the final readout of key safety and efficacy data from our Phase 1 trial and will allow the company to ramp up preparations for pipeline expansion and the initiation of our Phase 2 GBM trial which is expected to begin in the fourth quarter of this year.”
“We are thrilled to invest in this groundbreaking company that is at the forefront of cancer treatment innovation. As a firm deeply involved in the cell therapeutic field, we recognize the immense potential of their pioneering work with dendritic cell therapies and we are confident that this can become a new standard of care for cancer in the future,” said Andres Isaias, Executive Chairman of Restem Group Inc.
About DOC1021
DOC1021 is a first-of-its-kind dendritic cell vaccine (DCV) that initiates a complete cytotoxic TH1 immune response against a patient’s cancer through our proprietary double loading technology. Enrollment in the two-year Phase 1 trial was completed in December 2023.
In addition to the lead GBM study, two other clinical trials of Diakonos’ DCV are ongoing for the treatment of pancreatic cancer and angiosarcoma. Diakonos has received Fast Track designations from the FDA for both the GBM and pancreatic cancer programs. The company has also received Orphan Drug Designation for the GBM program.
Diakonos’ DCVs activate robust cytotoxic TH1 cell signaling pathways that better harness a patient's immune system to target and eliminate cancer cells. This is achieved without any genetic modification of the patient’s immune cells and without the need for toxic preconditioning.
About Restem Group Inc.
Restem Group invests in clinical-stage biopharmaceutical companies with a focus on next-generation cell therapies. Their portfolio includes companies developing stem cells, natural killer cells and dendritic cell therapies, among other modalities. Restem invests selectively across the healthcare sector, with additional investments including contract laboratories, clinical networks and other service providers.
About Diakonos Oncology Corp.
Based in Houston, TX, Diakonos Oncology is a clinical-stage biotechnology company dedicated to revolutionizing cancer immunotherapy and focusing on difficult-to-treat indications, including glioblastoma. Variants of the DOC1021 treatment platform are also in early-stage clinical testing in pancreatic ductal adenocarcinoma (PDAC) and cutaneous angiosarcoma (AS). For more information visit: www.diakonosoncology.com.
