Penningtons Manches’ corporate team has advised Oxford Vacmedix UK Limited (OVM), on its Series A financing round of $12.5 million (£9 million) with a consortium of South Korean and Chinese investors.
OVM is a biopharma company focused on the development of cancer vaccines, and will use the funds to complete preclinical development and to enter Phase 1 clinical trials with its two lead vaccines, OVM-100 and OVM-200, focusing on unmet clinical need. OVM-100 is an HPV vaccine targeted at cervical cancer, and OVM-200 represents a new type of vaccine utilising the survivin protein to target solid tumours. Both vaccines will be developed as single agents and in combination with immune-oncology agents. The company will also continue to develop its diagnostic kits for cellular immunity.
The investment was led by Cancer ROP, a leading South Korean healthcare institution, listed on KOSDAQ, and from existing shareholders in China. This is the first time that a UK cancer vaccines company has been funded by both South Korean and Chinese investors.
Penningtons Manches has advised OVM on corporate, intellectual property and other matters since it was spun out by Oxford University Innovation in 2012 to commercialise research led by Dr Shisong Jiang. The Penningtons Manches team was led by Corporate partner, James Went, with corporate associate, Tasmia Akkas, life sciences partner Chris Shelley and employment partner Daff Richardson.
James Went commented: “We’ve been very pleased to support OVM since its establishment and to assist with this very significant next step in its growth. We look forward to seeing it develop its much needed technology.”
William Finch, CEO of OVM, commented: “We really valued the support provided by Penningtons Manches. They were efficient throughout and provided excellent leadership to help us navigate through the process.”