Belgian I-O company raises $75million in Series B financing

iTeos Therapeutics, a biotech developing novel cancer immunotherapies, has announced the completion of an oversubscribed $75 million Series B financing in the latest example of major investment in immuno-oncology (I-O).

Proceeds from the financing, which is for an unusually high amount in European biotech, will support the advancement of several promising class immuno-oncology (I-O) programs within iTeos’ unique pipeline into the clinic. This financing will also support the company’s expansion into its new USA-based offices in Cambridge, Massachusetts.

Specifically, the funding will enable iTeos to move EOS100850, an adenosine A2A antagonist, into the clinic this year and toward clinical proof-of-concept, and EOS884448, an anti-TIGIT antibody, into the clinic in 2019. The company’s development pipeline also includes additional drug candidates targeting the tumor microenvironment.