iTeos Therapeutics Granted EUR 7.5 Million Non-Dilutive Funding by the Walloon Region
iTeos Therapeutics SA, announced that it has been granted EUR 7.5 million in non-dilutive funding to support the clinical development of its lead anti-cancer drug. The funding has been approved on behalf of the Walloon Region by Mr. Jean-Claude Marcourt, Minister for Economy, Industry, Innovation and New technologies.
This additional non-dilutive EUR 7.5 million will be used to partly fund the launch of a clinical trial of iTeos’ proprietary, best-in-class Adenosine Receptor A2A antagonist. The clinical trial is expected to be initiated in Belgium in 2018.
Michel Detheux, Chief Executive Officer of iTeos, commented, "We are grateful to the Minister for Economy, Industry, Innovation and New technologies, Mr Jean-Claude Marcourt, and the Walloon Region for their continued support of iTeos Therapeutics. This additional non-dilutive EUR 7.5 million will partially fund the clinical trial of our proprietary A2A antagonist drug candidate, which is in the exciting field of cancer immunotherapy. During the last three years, iTeos has developed a comprehensive portfolio of immuno-oncology drug candidates and these additional funds will enhance our capability to demonstrate the potential clinical benefits of our products. We look forward to reporting on our progress as we work to develop therapies that we believe could benefit patients with a wide-range of cancers."