Trogenix announces £70 million / $95 million Series A financing to drive clinical development of potentially curative therapies for aggressive cancers

• Trogenix's breakthrough Odysseus® platform targets cancer cells to deliver precision therapies with curative “one and done” potential across multiple aggressive, treatment-resistant cancers
• Financing round led by IQ Capital with participation from founding investor 4BIO Capital, returning investors Cancer Research Horizons and the National Brain Tumor Society’s Brain Tumor Investment Fund, and new investors Eli Lilly and Company, Meltwind, LongeVC, and Calculus Capital
• Cancer Research Horizons’ largest investment to-date into a company
  
  

Edinburgh, UK, 06 October 2025 - Trogenix Ltd (“Trogenix”), a pioneering biotech company dedicated to developing innovative cancer therapies, today announces the completion of its Series A financing, raising £70 million / $95 million. The funding will enable the rapid advancement of its robust pipeline of potentially curative cancer therapies across multiple aggressive solid tumours into the clinic.

Ken Macnamara, Chief Executive Officer at Trogenix, said: “This significant investment accelerates our lead programme in glioblastoma and follow-on programme in colorectal cancer liver metastases through the clinic, advances our pipeline in liver and lung cancers, and further enhances our Odysseus® platform. We are honoured to have the support of existing and new investors who share our mission to deliver breakthrough treatments and pursue cures for the thousands of patients and families facing devastating diagnoses each year.”

The Series A financing was led by IQ Capital with participation from founding investor 4BIO Capital, returning investors Cancer Research Horizons, the Brain Tumor Investment Fund, and new investors Eli Lilly and Company, Meltwind, LongeVC, and Calculus Capital, as well as undisclosed private investors. The investment underscores the transformative, curative potential of Trogenix’s precision genetic medicines driven by the Company’s Odysseus® platform that identifies and targets the universal vulnerabilities of solid tumours. Trogenix’s revolutionary technology delivers highly potent combination payloads that kill cancerous cells and stimulate the immune system whilst leaving surrounding healthy tissue untouched, thereby changing the treatment paradigm for cancer patients.

Max Bautin, Co-founder and Managing Partner at lead investor, IQ Capital, said: “Our outsized investment in Trogenix in today’s selective funding landscape reflects our confidence in the company’s world-leading science, exceptional management team and a clear roadmap for delivery both in the clinic and commercially. We are particularly excited by the potential opportunities ahead across Trogenix’s pipeline and look forward to our future collaboration.”

This investment in Trogenix also represents Cancer Research Horizons' largest investment to-date, highlighting the transformational potential of Trogenix's breakthrough technology in cancer treatment.

Iain Foulkes, Chief Executive Officer at Cancer Research Horizons, commented: "Trogenix’s platform technology is a powerful example of the innovation we seek to accelerate. Representing our largest investment to date, this partnership reflects our commitment to advancing science with the potential to transform cancer treatment. As they advance into clinical trials for glioblastoma, one of the hardest to treat cancers, we’re pleased to support a team whose work could reshape therapeutic approaches and improve outcomes for patients facing the greatest need.”

Dima Kuzmin, Co-founder and Managing Partner at founding investor, 4BIO Capital, and Chairman of Trogenix, added: “We are proud to have supported Trogenix through the initial incubation stage and spin-out from the University of Edinburgh, and are very happy to continue our support alongside this strong syndicate. It is exciting to see the company forge ahead with its clinical development to deliver a pioneering portfolio of cancer therapies to patients in need.”

Trogenix is revolutionising cancer treatment by combining the dual power of cancer cell killing and immune stimulation, delivered via a Trojan Horse approach that reawakens the immune system to provide long-term protection against tumour recurrence. Playing a central role to Trogenix’s precision cancer treatments are its proprietary Synthetic Super Enhancers (SSEs) which are activated by targeting the unique identity of diseased cell states, rather than individual genes, to control two key payloads: a cytotoxic prodrug converting enzyme and an immune stimulating cytokine. SSEs are exquisitely designed using Trogenix’s proprietary technology platform, Odysseus®, which rigorously identifies and optimises targets in cancer cells to rapidly generate candidates with manufacturable profiles for preclinical development.

Trogenix's lead programme, in glioblastoma (GBM), one of the most aggressive and treatment-resistant brain cancers, is advancing toward clinical trials with first patient dosing anticipated in Q1 2026. Only 25% of GBM patients survive beyond one year¹ and despite decades of research and significant investment, treatment options remain severely limited. The Company’s follow-on programme is in colorectal cancer liver metastases (CRCLM). Colorectal cancer is the third most common cancer worldwide², with at least 25% of patients developing CRCLM³.

In addition to its lead and follow-on programmes, Trogenix will be developing its pipeline focused on other aggressive solid cancers including hepatocellular carcinoma and non-small cell lung carcinoma.

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About Trogenix

Trogenix unites cutting-edge technologies in genomics, oncology, immunotherapy, and gene therapy to create a revolutionary therapeutic approach through its Odysseus® platform. Using proven AAV vectors, our proprietary Synthetic Super-Enhancers (SSEs) are delivered directly to tumour cells without detection. Our SSEs enable unprecedented precision in gene control, effectively revealing cancer to the body's immune system and killing tumour cells. For any cells escaping Trogenix's technology, our 'Trojan horse' can counter recurrence, offering potentially curative 'one-and-done' treatments for aggressive tumours. With our lead asset in glioblastoma entering the clinic, we're ready to transform treatment paradigms across multiple cancer types.

Trogenix was created in 2023 based on co-founder Professor Steve Pollard’s groundbreaking research at the University of Edinburgh - including its UK Centre for Mammalian Synthetic Biology and Institute for Regeneration and Repair - and the Cancer Research UK Scotland Centre. Incubated by 4BIO Capital, additional seed funding was provided through IQ Capital, Cancer Research Horizons, the US National Brain Tumor Society’s Brain Tumor Investment Fund, AIN Ventures and the University of Edinburgh’s venture investment fund, Old College Capital. In addition, Innovate UK provided an Investor Partnership grant in support of Trogenix’s preclinical research into its liver hepatocellular carcinoma and colorectal cancer liver metastases programmes.

For more information, visit www.trogenix.com.

For more information, please contact:

Trogenix Ltd. info@trogenixbio.com

Media and Investor Enquiries: trogenix@icrhealthcare.com

¹ Glioblastoma Prognosis | Survival Rates, The Brain Tumour Charity
² World Health Organization
³ Determinants of Metastatic Colorectal Cancer With Permanent Liver- Limited Disease - Clinical Colorectal Cancer

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