Diakonos Oncology Closes $11.4M Seed Financing to Advance Dendritic Cell Vaccine to Phase 2 Trial

Diakonos Oncology Corp., a clinical-stage company specializing in immuno-oncology, has successfully closed an oversubscribed seed financing round, raising $11.4 million. The funding was spearheaded by Restem Group Inc., a biotechnology investment firm, alongside participation from existing investors.

The funds raised so far have enabled Diakonos Oncology to establish manufacturing operations, bolster its leadership team, and complete participant enrollment for the Phase 1 study of its leading asset, DOC1021, aimed at treating glioblastoma (GBM). With the additional $11.4 million, the company plans to extend its operations into late 2025 and initiate a Phase 2 GBM trial before finalizing a Series A funding round.

Mike Wicks, CEO of Diakonos Oncology, expressed his gratitude towards the investors for their support and shared confidence in the company's cancer therapies. Wicks highlighted that the financing amount, which nearly tripled their initial target, speaks volumes about the investors' belief in the effectiveness of Diakonos' unique approach to cancer treatment. This investment will support operations through the final readout of crucial safety and efficacy data from the Phase 1 trial and help the company prepare for pipeline expansion and the forthcoming Phase 2 GBM trial set to begin in the fourth quarter of the year.

Andres Isaias, Executive Chairman of Restem Group Inc., emphasized the groundbreaking potential of Diakonos Oncology in revolutionizing cancer treatment. He noted the firm's confidence in the company’s pioneering work with dendritic cell therapies, seeing it as a future standard of care for cancer.

DOC1021 stands out as a novel dendritic cell vaccine (DCV) designed to elicit a comprehensive cytotoxic TH1 immune response against cancer using a proprietary double loading technology. The two-year Phase 1 trial for DOC1021 concluded enrollment in December 2023.

Beyond the lead GBM study, Diakonos Oncology is conducting two other clinical trials for the treatment of pancreatic cancer and angiosarcoma. The company has secured Fast Track designations from the FDA for both its GBM and pancreatic cancer programs, as well as Orphan Drug Designation for the GBM program.

Diakonos' DCVs are engineered to activate strong cytotoxic TH1 cell signaling pathways, thereby enhancing the patient's immune system's ability to target and destroy cancer cells. This is achieved without genetically modifying the patient's immune cells or requiring toxic preconditioning.

Restem Group Inc. is known for investing in clinical-stage biopharmaceutical companies focusing on next-generation cell therapies. Their investment portfolio includes companies developing various cell therapies such as stem cells, natural killer cells, and dendritic cells, among other treatment modalities. Restem Group's investments span across the healthcare sector, including contract laboratories, clinical networks, and other service providers.

Diakonos Oncology Corp., based in Houston, TX, is dedicated to transforming cancer immunotherapy, especially for challenging conditions like glioblastoma. Other variants of the DOC1021 treatment platform are currently undergoing early-stage clinical testing for pancreatic ductal adenocarcinoma (PDAC) and cutaneous angiosarcoma (AS).

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