Ona Therapeutics Secures €74.2M for Cancer Drug Development

Ona Therapeutics has successfully closed a substantial €74.2 million Series B funding round, signaling a significant advancement in its mission to develop next-generation antibody-drug conjugates (ADCs) for challenging cancer types. The financing, which was oversubscribed, underscores strong investor confidence in the company's innovative approach to tackling treatment-resistant cancers.

The capital infusion was co-led by prominent new investors Columbus Venture Partners and Mérieux Equity Partners. They were joined by other new backers, including COFIDES and Korys. Crucially, all existing investors, namely Alta Life Sciences, Asabys Partners, Bpifrance (via its InnoBio investment strategy), CDTI (through SICC Innvierte), FundPlus NV, and Ysios Capital, also participated, demonstrating continued support for Ona's scientific vision.

This significant funding will primarily fuel the clinical development of Ona's lead program, ONA-255. This first-in-class ADC is initially targeting breast cancer and is designed with a differentiated mechanism to overcome treatment resistance, aiming for a superior therapeutic index compared to existing therapies. The funds will also advance ONA-389, a second ADC candidate focused on colorectal cancer, into early human studies. This strategic allocation positions Ona Therapeutics to achieve key clinical and regulatory milestones as it transitions into a clinical-stage biopharmaceutical entity.

The oncology ADC market is experiencing robust growth, driven by advancements in targeted delivery systems and potent payloads. Industry analysts project the global ADC market to reach tens of billions of dollars in the coming years, fueled by the unmet need in difficult-to-treat cancers. Ona's proprietary platform, which identifies novel tumor-specific antigens and epitopes for highly efficient drug internalization, is well-positioned to capture a significant share of this expanding market. The company's focus on addressing resistance mechanisms is particularly relevant, as acquired resistance remains a major hurdle in cancer therapy.

Valerie Vanhooren, PhD, CEO of Ona Therapeutics, expressed enthusiasm for the funding, stating, “The oversubscription of this Series B marks a pivotal moment, enabling us to advance ONA-255 towards clinical proof-of-concept in breast cancer and initiate early clinical development for ONA-389 in colorectal cancer. We are honored to have assembled such a high-caliber syndicate of investors who share our conviction in Ona’s differentiated science and its potential to overcome treatment resistance.”

Jose Mesa, Partner at Columbus Venture Partners, highlighted the strategic fit, noting, “Ona exemplifies the combination of world-class science and a clear path to clinical impact that we seek. Their work on cancer resistance and metastasis addresses a critical challenge in oncology. We are excited to support Valerie and her team as they build a differentiated oncology platform.” Similarly, Valérie Calenda, Managing Partner at Mérieux Equity Partners, added, “Ona’s strong preclinical data for ONA-255 and the team’s vision for translating novel biology into clinically relevant therapies give us great confidence in the company’s long-term potential.”

With this substantial financial backing, Ona Therapeutics is set to make significant strides in its clinical programs, aiming to deliver much-needed therapeutic options to patients battling aggressive and resistant forms of cancer. The company retains full worldwide commercial rights to its pipeline assets, positioning it for future strategic partnerships and commercialization opportunities.