Santiago-headquartered biopharmaceutical company Oncostellae has just wrapped up a funding round raising €3.3 million to complete Phase 2 clinical trials of the new drug OST-122 for the treatment of Inflammatory Bowel Disease, which features a superior safety profile compared to all competitors. In addition, part of the resources will be allocated to fund the research of the drug OST-499, which is in Phase 1 for patients with colorectal cancer.
«We are very happy,» Oncostellae CEO Guido Kurz told this newspaper following the announcement this Tuesday of the €500,000 injection from Bio & Tech Smart Capital that caps off this round. This is a private venture capital fund promoted by Grupo Zendal, Galician entrepreneur and Mestrelab CEO Santiago Domínguez, and Noso Capital.
This move represents a commitment to a consolidated Galician company with over 10 years in the biopharmaceutical sector, and it also entails the entry of Pablo Álvarez Freire—Director of Open Innovation and Deputy to the CEO of Grupo Zendal, as well as President of DIH DATAlife—onto the board of directors. «Oncostellae is in Galicia, our workers and laboratories are too, and the entry of a Galician fund into the company validates our model as a biopharmaceutical firm in Galicia,» noted Kurz, who also thanked the Xunta for its support of the project.
