SideROS, an EIT Health Headstart winner, raises investment for innovative cancer treatment
SideROS, a French biotechnology company that was accelerated by EIT Health and is developing an innovative therapeutic approach using an iron-targeting chemical against persister cancer cells, announced receipt of €1 million through public and private investment. The money will be used to fund the company’s research aimed at tackling relapse and metastasis in cancer.
The funding comes half from a pool of Business Angels, in the form of equity, and half from the support of Bpifrance and Région Ile-de-France, in the form of grants and loans. Through this funding, SideROS accesses the means to accelerate its development and reach key R&D milestones, such as non-clinical safety and efficacy data, as well as the industrial manufacturing scale-up of ironomycin needed to move to first-in-human studies.
In 2020, SideROS won the EIT Health Headstart contest, thereby gaining access to essential resources, mentorship, an international network, and funding opportunities that are critical to the development of emerging companies. The goal of EIT Health Headstart is to facilitate market access of innovative new products and services, in order to improve the lives of European patients and citizens.
With mentoring from EIT Health’s regional teams of Business Creation Managers, the Headstart programme offers support to companies as they navigate the steps required to bring their solution to market. The support also has a strong focus on integrating clinical, patients and systems needs into companies’ products and services. Companies entering the EIT Health Headstart programme benefit from skills development resources and high-profile contacts that are geared directly towards helping them attract further financial support from private investors.
With this €1 million in funding, SideROS is entering a new phase of its journey as described by the company’s CEO, Lucie Mondoulet:
This investment from qualified Business Angels and public support will allow us to accelerate our development and reach strategic milestones to move forward to pivotal regulatory toxicology studies in early 2021 and to start the design of our first clinical trial, planned for 2022, aiming at improving the condition of patients affected by life-threatening diseases lacking an effective treatment. We are very proud to have been selected by Paris Biotech Santé, a new step in SideROS’ structural development.
Since the beginning of September 2020, SideROS has integrated the Paris Biotech Santé incubator, which provides an opportunity for them to expand their network and access additional expertise in the complex field of oncology-related drug development.
If SideROS‘ success inspires you to take part in our Headstart programme, please find more information here.