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British Patient Capital announces follow-on investment into Grey Wolf Therapeutics as part of a $50m Series B financing expansion

Press release 23 May 2024

British Patient Capital today announces it has made a follow-on investment into Grey Wolf Therapeutics as part of the company’s $50m Series B financing expansion. This increases the company’s Series B financing to $99m, demonstrating the conviction in the first-of-its-kind neoantigen modulation approach to engaging the immune system against disease. The investment is a continuation of British Patient Capital’s support for Grey Wolf, having previously invested into the company as part of their Series B funding round announced in 2023.

The round was led by Intermediate Capital Group (ICG) Life Sciences and included further investment from existing investors Pfizer Ventures, Andera Partners, Canaan, Earlybird Venture Capital and Oxford Science Enterprises.

British Patient Capital’s investment was made through the £425m Future Fund: Breakthrough programme, which co-invests with private sector investors in innovative, R&D-intensive UK companies.

Grey Wolf is a clinical-stage biotechnology company developing first-of-its-kind antigen modulation therapies to address the source of immune dysfunction in oncology and autoimmunity. This is achieved through the inhibition of endoplasmic reticulum aminopeptidases (ERAP1 or ERAP2) and leverages the human immune system to upregulate or downregulate immune cell activity. The new funding will be used to expand the number of tumour types evaluated in the ongoing EMITT1 clinical trial and to explore the therapeutic potential of this novel mechanism in autoimmune disease.

Grey Wolf has made strong progress since British Patient Capital’s earlier investment in the first close of the company’s Series B and now prepares to present the first clinical data from ongoing clinical evaluation of GRWD5769, its lead immuno-oncology programme, at the American Society of Clinical Oncology Annual Meeting.

British Patient Capital is pleased to partner with the Grey Wolf Therapeutics at a pivotal stage in their development and to continue to support the team through the expansion of their Series B financing. Their first-in-class therapeutics pipeline has the potential to be a breakthrough for the treatment of solid tumours and now opens the door to other disease areas. Ian Connatty Managing Director, Direct and Co-investment, British Patient Capital
British Patient Capital is thrilled to support the expansion of Grey Wolf’s plans to investigate the broad therapeutic potential of ERAP inhibition owing to the fundamental role of antigen modulation for engaging the immune system. The company has grown from strength to strength in the last 18-months and we look forward to continuing to work with the company, board, and new investor ICG through the next phase of their development. Carmine Circelli Director, Life Sciences, British Patient Capital
We are grateful for British Patient Capital’s ongoing support of Grey Wolf as we continue to pursue our mission of discovering and developing first-in-class therapies capable of transforming the lives of patients with immunologically-driven diseases. With this latest round of funding, we are well positioned to lead Grey Wolf into the next phase of our corporate maturation by advancing our lead immuno-oncology asset while expanding R&D into areas of unmet need in autoimmune diseases. Peter Joyce, Ph.D. chief executive officer of Grey Wolf Therapeutics

Further Information

Notes to editors

About British Patient Capital

British Patient Capital Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses. Launched in June 2018, British Patient Capital has more than £3bn of assets under management, investing in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more here.

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Grey Wolf Therapeutics or its products or services.

About Grey Wolf Therapeutics

Grey Wolf Therapeutics is a clinical-stage, UK- and Australian-based drug discovery and development biotechnology company spearheading a new therapeutic approach based on a first-of-its-kind antigen modulation platform. The company’s innovative technology is centered on inhibiting the endoplasmic reticulum aminopeptidases (ERAP1 or ERAP2), which play a key role in the antigen presentation pathway, allowing therapeutic approaches to address the source of immune dysfunction in oncology and autoimmunity. The company’s lead clinical development candidate, GRWD5769, is a potent and selective oral ERAP1 inhibitor that has shown the potential to elicit a powerful and differentiated immune response against tumours. A second ERAP1 inhibitor, GRWD0715, is advancing through preclinical development as a potential treatment for autoimmune disease. The company is also leveraging its leadership in neoantigen creation with an ERAP2 drug discovery program and by therapeutically targeting novel ERAP1 inhibitor generated cancer antigens with MHC Class I directed therapies, such as soluble T cell receptor (TCR) and TCR mimic bispecifics. 
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