Iteria Biopharma has announced the closing of a Series Seed financing round of €5 million, contributed by Inveready, Xesgalicia and the founding partners. With this capital injection, the biotechnology company covers its financial requirements to complete the preclinical development and the first clinical trial of ITR-251, a novel drug for the treatment of patients with metastatic castration-resistant prostate cancer, as well as to advance its two early-stage research programmes in lung, pancreatic and colorectal cancer.
The company, headquartered in Touro (A Coruña), was founded in 2024 by GalChimia (led by its CEO and founder Carme Pampín), Julio Castro (founder and CEO of Palobiofarma), and Ramon Bosser, who serves as CEO of Iteria.
The goal of Iteria Biopharma is to discover and develop novel drugs against advanced metastatic cancers in which existing drugs are no longer effective, through the use of unconventional medicinal chemistry approaches.
At a global level, prostate cancer is the second most common tumour in men, with 1.47 million new cases and approximately 400,000 deaths annually — figures projected to rise to 2.4 million diagnoses by 2040 due to population ageing. While overall survival rates are high, these fall dramatically to 38% in metastatic cases, making the development of new drugs a critical priority. Therapeutic innovation is not only the key to rendering advanced disease chronic and improving quality of life, but the only effective pathway to curbing the impact of global mortality in the coming decades.
This capital injection will enable Iteria Biopharma to complete the regulatory preclinical development of its drug for metastatic prostate cancer and initiate a first Phase 1 clinical trial in patients with this condition in early 2027, as well as to advance the identification of candidate drugs for its two other projects in pancreatic, colorectal and lung cancer, with the aim of initiating their preclinical development over the next two years.
Ramon Bosser, CEO and co-founder of the company, stated: "We are very pleased with the support of venture capital firms with the experience and soundness of Inveready and Xesgalicia, which — together with the capital contributed by the founders since the inception of the project and the support of public grants awarded by the MICINN and the CDTI — will represent a major boost for the advancement of Iteria's projects. It also establishes a very strong foundation for its future progression, and we hope it will provide solutions for patients with high unmet need."
"Iteria Biopharma stands out for the scientific and operational excellence of its founding and management team and, in line with our investment strategy, is developing disruptive treatments for unmet medical needs in oncology patients with metastasis," added Sara Secall, General Partner at Inveready.
Raquel Rodríguez, CEO of Xesgalicia, added: "The investment in Iteria Biopharma is part of the Xunta de Galicia's strategy for consolidating the biotechnology sector, supporting innovative Galician initiatives based on excellence and led by a team of recognised standing."
Carme Pampín and Julio Castro, co-founders of Iteria Biopharma, added: "It is a great satisfaction for us to be part of this project, following a first successful experience in this field, and to accompany it from its inception in the execution of its growth strategy. This new phase represents a significant milestone for the team, and we face it with the motivation of replicating the success achieved previously."
About Iteria Biopharma
Iteria Biopharma, headquartered in the Touro Business Park (A Coruña), is a Biotech company founded in 2024 by GalChimia, Julio Castro and Ramon Bosser. Iteria Biopharma discovers and develops innovative drugs for the treatment of tumours that have developed resistance to current treatments in patients with advanced metastatic disease. Its lead programme is focused on metastatic castration-resistant prostate cancer, and two further research programmes address pancreatic, colorectal and lung cancer.
About Inveready
Inveready is a leading asset management firm. Founded in 2008, it has grown to become one of the most active investment firms in the small and mid-cap segment in Spain, managing more than €2.5 billion in assets. With over 60 employees, Inveready is headquartered in San Sebastián and has offices in Madrid and Barcelona. It has been recognised as 'Best Venture Capital Firm' in 2017 by SpainCap and 'Best European Venture Debt Fund' in 2023 by Preqin, among other accolades.
About Xesgalicia
Xesgalicia is the venture capital management company of the Xunta de Galicia, whose objective is to support the Galician business ecosystem through four differentiated investment vehicles, tailored to different project types and stages of the business lifecycle — from early-stage business initiatives to the implementation of large industrial projects or the growth and consolidation of established companies with a proven track record.
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