PlusVitech completes a €3 million financing round to fight cancer

PlusVitech, a Spanish biotechnology company specialising in the development of disruptive oncology therapies, has closed the year with a notable financial and corporate milestone after securing total funding of €3 million. The transaction combines European institutional support with the entry of international smart money, the result of a carefully designed hybrid financing strategy.

The transaction was formalised on Wednesday, 17 December, coinciding with the company’s General Shareholders’ Meeting, and is structured in two tranches: a €2.5 million non-dilutive grant awarded by CDTI under the European Innovation Council (EIC) Seal of Excellence, and the closing of a €500,000 private investment round.

The December round also brings a strategic reinforcement to both the shareholder base and the management team with the entry of Dr Leni Ramos (San Francisco), who joins the company as Chief Medical Officer (CMO). Ramos explains her decision to invest in and professionally commit to the project as follows:
"I decided to invest in and join PlusVitech because its repositioning approach combined with nanotechnology is one of the smartest strategies I have seen to tackle cancer. We have the science, the team and now the resources to prove it clinically."

These new investors join a shareholder base of recognised international standing. The company already had the backing of figures such as Francisco León (Washington DC), co-founder of Provention Bio, as well as private investors including Sebastián Urbán (Asterion Partners), the fund CGP Capital, the healthcare-focused fund Homu Health, and the Madrid-based law firm ILP Abogados.

Advanced technology and Phase 1/2 trial

The funds raised will allow PlusVitech to immediately launch a Phase 1/2 clinical trial involving 42 patients with advanced lung cancer, aimed at validating the efficacy of its PVT-01 treatment. In parallel, the company is finalising a strategic collaboration with Finnish technology firm Nanoform, with the goal of developing a new nanoparticle-based formulation that increases drug loading, improves bioavailability, simplifies dosing and optimises costs.

Fran Guillén, General Manager of the company, highlights the significance of the milestone achieved:
"Securing these €3 million represents a giant step forward for us, enabling us, on the one hand, to carry out the clinical trial and, on the other, to complete our new formulation with Nanoform."

Along the same lines, Dr Vicente Salinas, CEO of PlusVitech, underscores the clinical relevance of the project:
"This Phase 1/2 trial with 42 patients will allow us to demonstrate, in an official clinical trial, the spectacular preliminary results we have already achieved in patients."