Company Info: 

OnCo is a for-profit spinout from the prestigious nonprofit Infectious Disease Research Institute (IDRI). For over 25 years, IDRI has battled the world’s most pernicious diseases. It has developed the most advanced leprosy and tuberculosis vaccines currently available, and it works with the US military to design rapid responses to new and dangerous pathogens. In recent years, IDRI has developed innovations for delivering targeted medical treatment to specific cells within the body. These innovations include delivery via RNA, delivery in nanoparticle-sized chunks, and development of adjuvants which optimize the body’s immune response to the delivered treatments.

IDRI’s drug delivery innovations have a wide range of applications across different areas of medicine. For example, IDRI has used the technology to develop Shingrex, the world’s most effective shingles vaccine. Perhaps most promising are the possibilities for developing highly effective immunotherapy treatments for cancer that cost a fraction of current therapies.

Zoic Investment Memo:

OnCo Investment Memo

Zoic Value Add:

Funding of research programs to bring to human data stage. Expanding IP coverage for additional uses. Bring in strategic partners for investment as well as licensing and             acquisition. Negotiation of licensing and acquisition deals.

Media:

Seed Round:

  • Seed Round: $5MM with half from a major pharma company

  • Series A Round: $30MM expected 

Expected Financial Terms:

  • Capital Investment: $2MM

  • Participation Rights: Standard

  • Board: One Board Seat for Zoic

  • Form of Investment: Convertible Note with discount of 10%-20%

Exit Scenarios: 

  • Licensing or acquisition by pharma after Phase I data for each of the platforms.

  • Recent acquisition in this space: Rigontec developed a cancer immunotherapy, RGT100, currently in Phase I development evaluating treatment in patients with various tumors. Merck will make an upfront cash payment of €115 million to Rigontec; based milestones, Merck may make additional contingent payments of up to €349 million.