iTeos Therapeutics has successfully secured $120 million through a direct offering, strengthening its position in the competitive immunotherapy landscape. The funding round, led by existing investors RA Capital Management and Boxer Capital, boosts the company's cash reserves to $715 million, providing financial stability through 2027.
The financing comes at a crucial time following positive interim results from the phase 2 GALAXIES Lung-201 study, which evaluated the company's anti-TIGIT antibody belrestotug (EOS-448) in combination with checkpoint inhibitors.
Clinical Trial Results Show Promise
The GALAXIES trial demonstrated significant therapeutic potential for belrestotug when combined with GSK's PD-1 inhibitor Jemperli (dostarlimab) or MSD's Keytruda (pembrolizumab). Patients with previously untreated, advanced, or metastatic non-small-cell lung cancer showed clinically meaningful responses across all tested dose levels of the combination therapy compared to PD-1 inhibitor monotherapy.
The efficacy data exceeded the company's expectations, while maintaining a safety profile consistent with the TIGIT:PD-1 inhibitor class. These results position belrestotug as a promising candidate in the evolving landscape of cancer immunotherapy.
Strategic Development Plans
With the newly secured funding, iTeos plans to initiate multiple phase 3 studies investigating belrestotug in combination with Jemperli. This expansion of the clinical program reflects the company's commitment to thoroughly evaluating the potential of TIGIT inhibition in cancer treatment.
The strategic partnership with GSK continues to play a crucial role in the development program, leveraging both companies' expertise in immunotherapy development. The extended cash runway ensures iTeos can pursue a comprehensive development strategy without immediate financial constraints.
Market Implications
The successful funding round demonstrates strong investor confidence in iTeos's TIGIT program and its potential impact on cancer treatment. As the field of cancer immunotherapy continues to evolve, the development of novel combination approaches with checkpoint inhibitors remains a key area of focus for improving patient outcomes.
