Edinburgh-based biotech company Trogenix has raised $95 million in Series A financing to advance its revolutionary Odysseus® platform, which aims to deliver potentially curative "one and done" treatments for aggressive, treatment-resistant cancers. The funding round was led by IQ Capital with participation from founding investor 4BIO Capital, returning investors Cancer Research Horizons and the National Brain Tumor Society's Brain Tumor Investment Fund, and new investors including Eli Lilly and Company.
The investment represents Cancer Research Horizons' largest investment to date, underscoring the transformational potential of Trogenix's breakthrough technology. The funding will enable rapid advancement of the company's robust pipeline of potentially curative cancer therapies across multiple aggressive solid tumors into clinical trials.
Revolutionary Trojan Horse Approach
Trogenix is revolutionizing cancer treatment by combining the dual power of cancer cell killing and immune stimulation, delivered via a Trojan Horse approach that reawakens the immune system to provide long-term protection against tumor recurrence. Central to the company's precision cancer treatments are proprietary Synthetic Super Enhancers (SSEs), which are activated by targeting the unique identity of diseased cell states rather than individual genes.
The SSEs control two key payloads: a cytotoxic prodrug converting enzyme and an immune stimulating cytokine. These are delivered directly to tumor cells using proven AAV vectors without detection, enabling unprecedented precision in gene control that effectively reveals cancer to the body's immune system while killing tumor cells.
Ken Macnamara, Chief Executive Officer at Trogenix, said: "This significant investment accelerates our lead programme in glioblastoma and follow-on programme in colorectal cancer liver metastases through the clinic, advances our pipeline in liver and lung cancers, and further enhances our Odysseus® platform."
Targeting Glioblastoma's Unmet Need
Trogenix's lead program targets glioblastoma (GBM), one of the most aggressive and treatment-resistant brain cancers. Only 25% of GBM patients survive beyond one year, and despite decades of research and significant investment, treatment options remain severely limited. The company's glioblastoma program is advancing toward clinical trials with first patient dosing anticipated in Q1 2026.
Iain Foulkes, Chief Executive Officer at Cancer Research Horizons, commented: "As they advance into clinical trials for glioblastoma, one of the hardest to treat cancers, we're pleased to support a team whose work could reshape therapeutic approaches and improve outcomes for patients facing the greatest need."
Expanding Pipeline Across Multiple Cancers
The company's follow-on program targets colorectal cancer liver metastases (CRCLM). Colorectal cancer is the third most common cancer worldwide, with at least 25% of patients developing CRCLM. Beyond these lead programs, Trogenix is developing its pipeline to focus on other aggressive solid cancers including hepatocellular carcinoma and non-small cell lung carcinoma.
Max Bautin, Co-founder and Managing Partner at lead investor IQ Capital, said: "Our outsized investment in Trogenix in today's selective funding landscape reflects our confidence in the company's world-leading science, exceptional management team and a clear roadmap for delivery both in the clinic and commercially."
Platform Technology and Scientific Foundation
The Odysseus® platform rigorously identifies and optimizes targets in cancer cells to rapidly generate candidates with manufacturable profiles for preclinical development. The technology delivers highly potent combination payloads that kill cancerous cells and stimulate the immune system while leaving surrounding healthy tissue untouched, thereby changing the treatment paradigm for cancer patients.
Trogenix was created in 2023 based on co-founder Professor Steve Pollard's groundbreaking research at the University of Edinburgh, including its UK Centre for Mammalian Synthetic Biology and Institute for Regeneration and Repair, and the Cancer Research UK Scotland Centre. The company was incubated by 4BIO Capital, with additional seed funding provided through multiple investors and an Innovate UK Investor Partnership grant supporting preclinical research programs.
