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British Patient Capital invests $7m in immuno-oncology specialist Grey Wolf Therapeutics

Press release 26 January 2023

British Patient Capital has participated in the $49m Series B funding round of immuno-oncology specialist Grey Wolf Therapeutics as the company looks to begin testing their novel small molecule anti-cancer treatment in the clinic for the first time.

The round was co-led by Pfizer Ventures and Earlybird Venture Capital, with Oxford Science Enterprises joining British Patient Capital as new investors. Existing investors Andera Partners and Canaan also participated. Our $7m investment has been made via Future Fund: Breakthrough, a £375m programme which co-invests with private sector investors in innovative, R&D-intensive UK companies.

Based in Oxford, Grey Wolf is developing first-of-its-kind cancer therapies which generate a novel immune response against tumours to make them easier for the body to detect and destroy. The company have a unique therapeutic approach that is intended to overcome resistance mechanisms to current treatment options, based on the research of the Grey Wolf team. The Series B funding will support a Phase I/II trial to test their lead product in humans for the first time.

The UK is a world leader in life sciences and Grey Wolf Therapeutics is yet further evidence of how this country continues to push the boundaries of innovation. Future Fund: Breakthrough was created to support R&D-intensive British companies operating in breakthrough technology sectors, and I am delighted we are investing in Grey Wolf as it embarks on the next step in its growth journey. Catherine Lewis La Torre CEO, British Patient Capital

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 about British Patient Capital.

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 of Grey Wolf Therapeutics or its products or services.

About Grey Wolf Therapeutics

Grey Wolf Therapeutics is a UK- and Australian-based drug discovery and development biotechnology company spearheading a new therapeutic approach in immuno-oncology. The company’s first-of-its-kind immuno-oncology approach is centered on inhibiting the endoplasmic reticulum aminopeptidases (ERAP1 or ERAP2), which play a key role in the antigen presentation pathway. Inhibiting ERAP1 or ERAP2 generates novel neoantigens and upregulates certain other neoantigens, resulting in the mobilisation of an entirely novel T cell response against the tumour that increases tumour visibility where current therapies are ineffective, and bypasses the challenge faced by current immunotherapy when once anti-tumourigenic T cells become irreversibly exhausted and hence ineffective. Based on this approach, the company is developing a portfolio of potentially first-in-class small molecules that inhibit ERAP1 or ERAP2. The company’s lead development candidate, GRWD5769, is a potent and selective ERAP1 inhibitor that elicits a powerful and differentiated immune response against the tumour and is anticipated to enter the clinic in the first half of 2023. A second program, focused on ERAP2 inhibition, is advancing through the discovery process. With the creation of novel neoantigens, the company is leveraging its leadership in neoantigen creation to unlock entirely novel cancer antigens that can be targeted with MHC Class I directed therapies, such as soluble T cell receptor (TCR) and TCR mimic bispecifics. For more information, please visit