A London-based biotech start-up has secured £150 million in a Series C funding round, one of the largest ever for a European cancer therapy company. GenePath, which operates from a former Victorian warehouse in King's Cross, says it will use the money to accelerate clinical trials for its personalised cancer vaccines.
The round was led by Silicon Valley venture capital firm Sequoia Capital, with participation from existing investors including the UK’s Atomico and the Wellcome Trust. The deal values GenePath at roughly £1.2 billion, according to sources close to the company.
GenePath’s technology is based on a platform that sequences a patient’s tumour DNA and then designs a bespoke vaccine to train the immune system to attack cancer cells. The company has already treated 80 patients in early-stage trials for melanoma and lung cancer. Results published in a peer-reviewed journal last year showed that 60 percent of patients had a significant reduction in tumour size.
“This is not a one-size-fits-all approach,” said Dr. Amara Singh, GenePath’s chief scientific officer, in an interview. “Every cancer is different. We are essentially creating a vaccine that is as unique as the patient.”
The £150 million injection comes at a time when the broader biotech sector is facing a funding squeeze. According to data from PitchBook, European biotech venture funding fell by 30 percent in the first half of this year compared to the same period in 2023. GenePath’s successful raise suggests that investors are still willing to bet big on companies with clear clinical data.
But the company faces stiff competition. Rivals include BioNTech in Germany and Moderna in the US, both of which have already launched late-stage trials for their own personalised cancer vaccines. GenePath’s platform, however, uses a different adjuvant formulation, which it claims produces a stronger immune response with fewer side effects.
The funding will be used to expand GenePath’s manufacturing capacity and to hire 50 new staff, mostly in research and development. The company also plans to open a small office in Boston to tap into the US clinical trial network.
Some researchers remain cautious. Professor James Holloway of the Institute of Cancer Research in London said personalised vaccines are “promising but still unproven” in large, randomised trials. “The excitement is real, but we need to see if these results hold up in bigger studies,” he said.
GenePath’s CEO, former Goldman Sachs banker turned biotech entrepreneur Marcus Ford, acknowledged the challenges. “We are not claiming to have a cure for all cancers. Our goal is to add years to patients’ lives,” he said.
The company expects to start a Phase 2 trial for lung cancer later this year, with results expected in 2026. If successful, GenePath could apply for regulatory approval in the UK and Europe by 2028.
For now, the infusion of cash gives the start-up a fighting chance. As Dr Singh put it: “Every patient deserves a vaccine that is made just for them. This money brings us closer to that reality.”
