Danish company IO Biotech secures €57.5 million in financing from European Investment Bank (EIB) to boost its vaccine research against the cancer.
This financial support will be used for the research and development of its therapeutic cancer vaccine, IO102-IO103, initially focused on the treatment of melanoma. The funding includes three committed tranches of €37.5 million, subject to compliance with conditions, and an uncommitted tranche of €20 million.
This agreement, supported by the European Commission's InvestEU program, will facilitate the development of this innovative vaccine and expand IO Biotech's platform to other types of cancer. It will also help the company move from research to commercialization.
The EIB secures the future of innovation in oncology
Amy Sullivan, IO Biotech's Chief Financial Officer, expressed her gratitude for the EIB's support. She emphasized that this financing is crucial at a pivotal moment for the company, as the Phase 3 results of the IO102-IO103 clinical trial are approaching, expected in the third quarter of 2025. The EIB financing will allow for continued development of this vaccine and other preclinical therapies.
This agreement ensures that innovative technologies like IO Biotech's, focused on cancer immunotherapy, can advance toward commercialization. This support reinforces the commitment of the EIB and the European Commission to financing innovation in the medical sector and ensuring that EU breakthroughs reach patients across Europe.
O Biotech develops immunomodulatory therapeutic cancer vaccines using its T-Win® platform. This innovative approach is designed to activate T cells and target immunosuppressive cells in the tumor microenvironment. The company has its lead vaccine candidate, IO102-IO103, in clinical trials, and additional candidates are in preclinical development. IO Biotech is headquartered in Copenhagen, Denmark, and its U.S. office is in New York.
