The investment will accelerate the development of treatments for aggressive solid tumours, beginning with glioblastoma, one of the deadliest forms of brain cancer.

The Edinburgh-based firm is developing a revolutionary “Trojan Horse” approach to cancer treatment. Its Odysseus platform designs precision genetic medicines that target the universal vulnerabilities of tumours. This technology delivers a dual-action payload that simultaneously kills cancerous cells and stimulates the body’s immune system to provide long-term protection against recurrence, all while leaving surrounding healthy tissue unharmed.

The new capital will push Trogenix’s lead programme for glioblastoma towards clinical trials, with the first patient expected to be dosed in early 2026. Glioblastoma has a poor prognosis, with only 25% of patients surviving beyond one year. The funding will also support follow-on programmes targeting colorectal cancer that has spread to the liver, as well as other solid tumours in the liver and lungs.

The financing round was led by IQ Capital and included founding investor 4BIO Capital, returning partner Cancer Research Horizons, and new major investors such as Eli Lilly and Company. The deal represents the largest single investment to date by Cancer Research Horizons, signalling strong confidence in the transformative potential of Trogenix’s technology.

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.”

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.”

Iain Foulkes, CEO at Cancer Research Horizons, said: “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.”