Ona Therapeutics Secures $86.6 Million in Series B Funding to Advance Cancer Treatments

Ona Therapeutics Raises $86.6 Million in Series B Funding

Ona Therapeutics, a biopharmaceutical company based in Barcelona, Spain, has announced the successful closing of an $86.6 million Series B funding round. The company specializes in developing first-in-class antibody-drug conjugates (ADCs) aimed at treating cancers that are resistant to current therapies.

Investors and Leadership

The Series B round was co-led by new investors Columbus Venture Partners and Mérieux Equity Partners. Additional participation came from COFIDES, Korys, and all of Ona's existing investors, including Alta Life Sciences, Asabys Partners, Bpifrance, CDTI, FundPlus NV, and Ysios Capital.

The company's leadership team includes co-founders Salvador Aznar Benitah, who serves as a scientific advisor, and Valerie Vanhooren, who is the Chief Executive Officer. "This funding round marks a significant milestone for Ona, enabling us to transition to a clinical-stage company," said CEO Vanhooren.

Use of Funds

The proceeds from the Series B funding will primarily support the clinical development of Ona's lead program, ONA-255. This first-in-class ADC is initially focused on treating breast cancer. The funds will also help advance ONA-389, another first-in-class ADC targeting colorectal cancer. These programs aim to improve therapeutic outcomes by addressing treatment-resistant tumor biology through innovative mechanisms.

Moving to Clinical Stage

With this funding, Ona Therapeutics plans to achieve key clinical and regulatory milestones, marking its transition to a clinical-stage company. The company aims to establish clinical proof of concept for ONA-255 and progress its pipeline of ADCs further into clinical development.

Conclusion

The successful closing of this funding round positions Ona Therapeutics to make significant strides in the development of innovative cancer treatments. With strong backing from a diverse group of investors, the company is well-equipped to advance its clinical programs and potentially offer new hope for patients battling treatment-resistant cancers.