Edinburgh-based biotech Trogenix, a spinout of the University of Edinburgh, announced a £70 million (~$95 million) Series A funding round to accelerate the development of novel cancer therapies. Led by IQ Capital with participation from 4BIO Capital, Cancer Research Horizons, Eli Lilly, and others, the financing will drive Trogenix’s pipeline for multiple aggressive solid tumours into clinical trials, commencing with its lead program in glioblastoma. By selectively targeting the vulnerability of tumor cells, the aim is to deliver genetic medicines without damaging healthy tissue. With a glioblastoma trial expected to begin dosing in early 2026, we spoke with CEO Ken Macnamara to learn more about the curative potential when oncology, immunotherapy, and gene therapy meet.
What is Trogenix developing that could potentially succeed where conventional cancer treatments have not?
We are advancing a revolutionary approach to cancer treatment through our proprietary Odysseus platform, which creates precision therapies with curative "one and done" potential for all aggressive, treatment-resistant solid tumors. Unlike conventional treatments that often require repeated dosing and may cause significant side effects, our approach combines the dual power of cancer cell killing and immune stimulation through a sophisticated "Trojan Horse" precision delivery method.
Central to this precision are our proprietary Synthetic Super Enhancers (SSEs) that act like intelligent switches. They selectively identify the severity of cancerous cell states and activate therapeutic payloads accordingly, then switch off once cancer cells are eliminated to preserve healthy surrounding tissue. This represents a fundamental shift from traditional surgery, chemotherapy, and radiotherapy by potentially providing long-term protection against cancer relapses while eliminating the harmful side effects associated with conventional treatments.
With established stakeholders such as Eli Lilly involved in the project, how would you say this affects your chances of successful commercialization?
Our mission is to bring transformational therapeutics to patients, and we have built Trogenix from the outset with that end in mind. We have a team of industry veterans with track records in clinical development, patient access, and commercialization, and plans are already in place. The curative potential of the TGX-007, clear clinical endpoints, and supportive regulatory environment for diseases of critical unmet need, means we can rapidly move towards registration.
What have you found most challenging about the development of genetic medicines for cancer treatment thus far?
The development of genetic medicines for cancer has been hampered by cancer's remarkable complexity and adaptability, alongside delivery challenges. Tumors function as "ecosystems of different species of cancer" with extraordinary heterogeneity that manifests genetically, behaviorally, and environmentally. One of the most significant challenges has been the ability of tumors to create immuno-suppressive microenvironments that shield them from immune detection by corrupting macrophages and manipulating the body's natural defense systems. Additionally, cancer cells exploit transcriptional and epigenetic networks to adapt and resist treatment without needing genetic mutations; this is termed "plasticity" and often underlies their ability to evade targeted therapies. Traditional therapies have also faced toxicity limitations. All of these challenges have been tackled up front by using AAV vectors with our SSE switch technology and well understood cytotoxic and immunotherapy payloads. This provides an unsurpassed spatial and temporal precision in targeting cancer cells while preserving healthy tissue.
What key preclinical results have given you confidence to move into human studies, and what biomarkers or endpoints will you prioritize in the first trial?
Pre-clinical testing has been in the human context. TGX-007 was designed and validated in one of the world’s biggest bio-bank of primary patient cell lines and patient tissue for GBM. We have been able to demonstrate exquisite targeting of the patient tumor cells leaving surrounding healthy tissue untouched. The activity and selectivity is maintained across the full patient disease heterogeneity.
Using a preclinical model that faithfully replicates human glioblastomas, we observed exceptionally promising results with our glioblastoma therapy demonstrating complete responses, no observed toxicity, no relapse, and with reproducibility across many independent experiments – even at lower doses. Notably, there was also a lasting systemic immune response triggered by our combination of killing cancer cells while simultaneously waking up and educating the immune system. This suggests curative potential. These findings, combined with our SSE's ability to precisely target cancer cells while leaving healthy tissue untouched, have provided the necessary confidence to advance to clinical trials.
The first phase I study for our lead program in glioblastoma, which is anticipated to commence in Q1 2026, will aim to recruit 15 patients to assess the safety of TGX-007 and to select a dose for progression into phase II. The therapy will be administered three weeks before standard-of-care, which comprises surgery, chemo- and/or radiotherapy. This study design is key for an immunotherapy as it enables treatment when patients still have a functioning immune system, providing the best chance of preventing any tumor regrowth.
The genetic medicine is delivered via a “Trojan Horse” approach. Can you explain this method, and the influence of Greek mythology in your modus operandi?
Our "Trojan Horse" approach draws directly from the legendary Greek myth, in which soldiers sneaked in undetected before both directly attacking the enemy, and simultaneously opening the gates to enable further invasion. In the therapeutic context, we are using proven AAV vectors to deliver our SSEs directly to tumor cells without being detected by the immune system. Like the mythological wooden horse that appeared as a gift but contained hidden warriors, our delivery system goes "under the radar" and hides until the time is right to kill the cancer cells from within. Once inside, the SSE acts as an intelligent switch that identify cancerous cell states – the key signal to start attacking and open the gates for the immune system. A cytotoxic prodrug converting enzyme and an immune stimulating cytokine can be used together – a potent combination. This approach simultaneously eliminates tumor cells and reawakens the immune system to mount a stronger response, effectively revealing the cancer to the body's natural defenses.
Can you describe how it felt to have successfully acquired what is thus far the largest investment from Cancer Research Horizons?
The significance of this achievement is substantial. Cancer Research Horizons' largest investment to date represents a major validation of Trogenix's transformative potential in cancer treatment. Their CEO, Iain Foulkes, noted that this partnership reflects their commitment to advancing science with the potential to transform cancer treatment, particularly as we advance into clinical trials for glioblastoma, one of the hardest cancers to treat. It underscores confidence in our world-leading science and in our potential to reshape therapeutic approaches for those patients facing the greatest need.
Just a quarter of glioblastoma patients survive beyond a year. What do you think has hampered decades of research in this area?
Treatment options for brain cancers including glioblastoma have been severely limited largely due to their biological characteristics. Brain cancers present unique difficulties in harnessing the immune system's effectiveness, partly due to the brain's specialized environment and the blood-brain barrier. They also infiltrate local healthy tissue, making surgical resection impossible. The complexity of glioblastoma as an "ecosystem of different species of cancer" means that traditional approaches targeting single genetic mutations have also proven insufficient, and detection is often quite late. The tumor's ability to corrupt the body's natural immune responses and its capacity for rapid adaptation have made it particularly resistant to conventional therapies, highlighting the need for innovative approaches. Additionally, glioblastoma exemplifies cancer's broader challenges including extreme heterogeneity, the ability to create immuno-suppressive microenvironments, and the deployment of transcriptional plasticity that allows tumors to adapt and resist treatment.
So, while brain cancer research has faced repeated setbacks, we have learned from every single one. It has deepened our understanding of these complex tumors and where the opportunities for new advanced therapies might lie. With the convergence of cutting-edge technologies (genomics, synthetic biology, sophisticated oncology disease models, advanced gene therapy systems, and immunotherapy expertise) we're now better positioned than ever to tackle these challenges head-on, achieving improved potency and, at the same time, improved efficacy, with earlier treatment.
What increase in these figures are you aiming to achieve?
We are aiming to fundamentally transform the current dismal prognosis where only 25 percent of glioblastoma patients survive beyond one year. Our aim for "one and done" potential represents a paradigm shift from managing cancer as a chronic disease to potentially curing it entirely – which we know has been possible in subsets of patients using immunotherapies in other cancers.
The goal is to move cancers from fatal diseases into long-term manageable or curable conditions. Our aim is to achieve breakthrough therapies that enable patients to gain years, or even decades, of additional quality life – and in the best cases, eradicate the tumor population entirely.
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