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MMJ News 16/11/2021

MMJ Group invests AUD1m in Valo Therapeutics

MMJ has completed an investment of AUD1m in the unlisted Valo Therapeutics Oy (“Valo Tx”) based in Finland. MMJ’s investment was part of a total pre-IPO equity financing of approximately USD13m to fund the finalisation of preparations and initiation of a Phase 1 clinical study of Valo Tx’s lead tumour antigen-coated oncolytic virus candidate, PeptiCRAd-1 in addition to the continued development of its anti-infectives platforms including PeptiBAC and PeptiVAX. The proceeds will also be used to support Valo Tx’s preparations for an IPO in 2022. The investment was made from MMJ’s existing cash reserves. 

Valo Tx is an immunotherapy company that is developing antigen-coated oncolytic viruses and vaccine vectors as therapeutic vaccines against cancer and infectious diseases. Valo Tx’s lead platform, PeptiCRAd (Peptide-coated Conditionally Replicating Adenovirus), was developed out of the laboratory of Professor Vincenzo Cerullo at the University of Helsinki. It turns oncolytic adenoviruses into targeted, tissue-specific cancer vaccines without the need to develop and manufacture multiple genetically modified viruses. 

The investment in Valo demonstrates MMJ’s expertise to secure a private negotiated investment in unlisted businesses which are not generally available to Australian retail and institutional investors, Mr. Wall (MMJ’s Chairman) said. Valo represents the continued deployment of funds in accordance with its investment strategy following the broadening of MMJ’s investment mandate in 2020.” 

A copy of Valo Tx’s announcement is attached to this release. 

MMJ’s investment in Valo comprises convertible notes with an acquisition cost of AUD1m. 


Read the full announcement here

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