Ona Therapeutics, cancer and 74 million more to fight it

Attacking cancer selectively to minimize damage to healthy tissues. This is the objective of what are technically known as antibody-drug conjugates (ADCs) or, in other words, guided missiles, like those being developed by Ona Therapeutics. The company, born from IRB Barcelona and ICREA, is a pioneer in their development to combat treatment-resistant cancers, with a current focus on breast and colorectal cancer, although it is already expanding its scope to other aggressive cancers, such as gastric and liver cancer.

Now, Ona is accelerating its path to bring its drugs to market, with an investment round of 74.2 million euros. With the funds from the round, the company will accelerate the clinical development of its main program, focused on breast cancer, and advance the ADC targeting colorectal cancer. "The operation provides us with the necessary resources to accelerate clinical development and further consolidate the company as a leader in the field of precision oncology," said Ona's co-founder and CEO, Valerie Vanhooren.

"The oversubscription of this Series B represents an important step to advance ONA-255 towards clinical proof of concept in breast cancer, while driving the initial clinical development activities of ONA-389 in colorectal cancer," she remarked. The operation was co-led by new investors Columbus Venture Partners and Mérieux Equity Partners, with additional participation from COFIDES and Korys, along with all current investors, including Ysios Capital, Asabys Partners and Alfa Life Science, together with the state-owned CDTI, the French public Bpifrance and the Belgian FundPlus NV. Following the round, Ona changes the composition of its board of directors, with the addition of Columbus Venture Partners partner Jose Mesa; Mérieux Partners managing partner and head of Innovation, Valérie Calenda, and Korys senior investment director, Eva Van Overmeire.

"Seeing international investors back Barcelona startups demonstrates that world-class innovation can be created and driven from here"

From the Parc Científic de Barcelona, Ona has been developing a differentiated portfolio of ADCs focused on cancers with unmet medical needs since its foundation in 2019, "based on a deep scientific understanding of advanced cancer biology." Since then, it has focused on understanding the mechanisms that drive tumor progression, metastasis, and treatment resistance, "and on translating that knowledge into innovative therapies for patients with significant unmet medical needs."

It has been with this objective, and through its proprietary patient-based target discovery platform, that Ona has identified new specific antigens that allow treatment to be directed directly towards cancer cells. Now, the challenge is to advance its ADC portfolio through clinical development: "Ultimately, success will be measured by our ability to deliver innovative therapies to patients."

"Drug development is a complex process that requires a large capital investment, so we focus on generating solid clinical data and continuing to attract top-tier talent and strategic partners," emphasizes the company's CEO after the round, one of the most relevant in the Catalan biotech ecosystem in recent years. So much so that, according to Vanhooren, the round "represents an important validation of both the science and the team" of the company.

The round is significant for the company, and also for Barcelona: "It is another clear sign that the city has consolidated itself as one of the most dynamic biotechnology centers in Europe." And it is that Barcelona and its surroundings combine "exceptional science, entrepreneurial talent, and a booming investor ecosystem," according to Vanhooren: "Seeing international investors back Barcelona startups demonstrates that world-class innovation can be created and driven from here."