Oxford-based biotechnology business PsiOxus Therapeutics has closed its Series B funding round and secured £22 million of development capital.

Contributors in the round include both existing investors, London-based Imperial Innovations and Invesco Perpetual, as well as new equity backers SR One and Lundbeckfond Ventures.

According to PsiOxus, the new venture round will allow it to progress the clinical development of its ColoAdl product, a vaccine, through clinical trials.

The drug is aimed at the treatment of colorectal and other forms of cancer, and is injected into the bloodstream to replicate and kill cancerous cells while leaving healthy ones untouched.

PsiOxus was initially formed to commercialise technologies, generated from UK universities, which were originally funded by Imperial Innovations and Mercia Fund.

John Beadle, CEO of PsiOxus, says the financing comes at a pivotal time for the company as it moves its cancer portfolio form early to mid-stage clinical development.

He adds, ‘The new funding will enable key clinical trails to demonstrate the safety and proof of efficacy of these products in the clinic and to highlight the effectiveness or our research and development program.’

Beadle previously co-founded PowderMed, a business which was sold to Pfizer for $300 million in 2008.

CEO of Imperial Innovations Susan Searle comments, ‘PsiOxus continues to make great strides in translating its truly novel science into therapies that address major unmet medical needs for patients.

‘We believe that ColoAdl can represent a significant breakthrough in oncolytic vaccines and has the potential to open an entirely new approach to cancer therapy.’