Alethio Therapeutics secures $90 million to advance blood cancer therapies
The Oxford spin-out raised Series A funding to move its preclinical monoclonal antibody for myeloproliferative neoplasms into trials by 2028.
U.K.-based biotechnology startup Alethio Therapeutics announced a $90 million Series A funding round to advance experimental treatments for myeloproliferative neoplasms, according to biopharmadive.com 
biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗. The investment was co-led by Sofinnova Partners and RA Capital Management, with participation from Cancer Research Horizons, Oxford Science Enterprises, and the University of Oxford biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗.
Alethio was spun out of research at the University of Oxford by physician-professors Adam Mead and Beth Psaila. The company focuses on myeloproliferative neoplasms, a group of slow-progressing hematological malignancies that includes primary myelofibrosis, polycythemia vera, and essential thrombocythemia biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗. These diseases cause overproduction of blood cells, leading to blood clots, heart attacks, and bone marrow scarring.
Targeted mechanism via G6b
The company's primary candidate is ATX-011, a preclinical monoclonal antibody targeting G6b biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗. G6b is a surface receptor found on platelets and specific bone marrow cells that induce myeloproliferative neoplasms or scarring biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗. By binding selectively to this protein, the drug is designed to act regardless of the specific disease-driving mutation present in the patient biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗.
Current clinical management relies on blood withdrawals, interferon therapies, hydroxyurea, JAK inhibitors like Jakafi, or newly approved treatments such as Mimrylo, yet these do not help the majority of patients, according to Alethio chief executive Rohit Batta biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗. Sofinnova Partners noted that targeting essential thrombocythemia gives the therapy broad scope, citing Alethio estimates of 150,000 affected patients in the U.S., which exceeds the combined incidence of polycythemia vera and primary myelofibrosis biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗.
Development timeline
Preclinical studies demonstrated stable drug characteristics, according to company leadership biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗. Alethio plans to initiate clinical testing for ATX-011 in the first half of 2028 biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗.
In addition to its lead monoclonal antibody, the team is developing a second preclinical asset: an antibody-drug conjugate engineered specifically for the treatment of myelofibrosis biopharmadive.combiopharmadive.combiopharmadive.comOpen source ↗.
