Theramir raises €525,000 bridge round to reach clinical phase

Theramir’s search to develop a new targeted cancer therapy has been strengthened by a healthy €525,000 capital infusion, funding its operations through to the second half of 2025, where it plans to secure a licencing agreement and start clinical trials for EVmiR.

Talking to CBN, co-founder Marianna Prokopi-Demetriades also announces that EVmiR has been granted a patent by the European Patent Office. “It’s like trying to patent DNA,” mentions Costas Pitsillides, the other half of the founding duo. “You can’t patent DNA itself, but you can patent methods to change DNA, like CRISPR, or potentially an altered or engineered version.”

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Founded in 2016 from what Prokopi-Demetriades whimsically describes as “our folly to find a cure for cancer,” Theramir’s now patented technology uses extracellular vesicles (EVs) to deliver microRNAs (miRNAs) into tumours, targeting specific oncoproteins – proteins that regulate the growth of cancer cells – that are present in more than 30 types of cancer.

EVs function like a competent courier service, which packages and sends cargoes of information to cancer cells and the neighbouring postcode area – this constant communication strongly affects the tumour’s behaviour. Theramir’s therapy, then, smuggles a cargo of tumour-suppressive information – in the form of miRNAs – via this biological courier system. The precision of the technology in targeting specific areas means that side effects commonly associated with conventional therapies, like chemotherapy, won’t manifest, explains Prokopi-Demetriades. This targeted function requires a detailed genetic profile of the patient, as it can help predict responses to therapy. “So,” she adds, “it can also act as a prophylactic measure by detecting genetic markers connected to high-risk conditions.”

For now, the biotech’s cutting-edge therapy targets metastatic cancer, which for most types is called stage four, an advanced stage where the cancer has spread into other body areas. “We have studied our technology extensively in metastatic breast cancer and we are now starting tests for pancreatic and bladder cancer,” Costas Pitsillides notes.

Big Pharma Next

Theramir’s action plan largely hinges on the response of a major pharmaceutical company to partner up for the first clinical trial phase, as it is not uncommon for them to get on board during or after the first phase is completed. In that case, the biotech might launch another fundraising round, potentially drawing interest from big pharma’s CVC arms – Pfizer, for example, has over US$900 million to spend on such ventures – alongside traditional VC money.

Among Theramir’s new investors is Yannos Palate, a former executive at American pharmaceutical giant Eli Lilly, who will also get a seat on the advisory board. “With Mr Palate, you have someone who has been in life sciences for many years, who understands how to engage big pharma and generate interest in our product,” Prokopi-Demetriades mentions. The other two investors include Nicosia-based family office Exerte Partners and Nancy Erotocritou, a leading finance and corporate lawyer and an early supporter of Theramir.

Nevertheless, the co-founders are actively pursuing a licensing deal with a major pharmaceutical company to support the clinical trials, which could span up to seven years. However, efficiencies in processes might expedite the timeline. Conservatively, they project that the therapy could be market-ready by 2030. According to Pitsillides, they have already laid the groundwork by mapping the pharma and VC landscape and started initial conversations, though he didn’t discuss specifics. In the meantime, they will search for a large-scale production partner, a challenging task as the therapy requires specialisation.

Hot Stuff

Theramir is also exploring ways to use EVmiR for treating chronic malignant wounds caused by cancer, which are difficult to heal and can lead to serious problems like infections – such problems often drive patients into social isolation, exacerbating the already high emotional toll of cancer. This project, called MIRACULOUS, has secured €200,000 from the Research and Innovation Foundation to modify the EVmiR platform into a hydrogel together with medical-grade collagen and natural extracts, components developed by the duo’s two other ventures Promed Bioscience and RSL Revolutionary Labs Ltd, respectively. “Theramir is involved in several hot technologies: extracellular vesicles, miRNA, stem cells, exosomes. So, this project is just an example of trying to explore new revenue streams without losing our main focus, which is developing the therapeutic technology for cancer,” Pitsillides explains.

It's not easy being Cypriot

Despite drawing significant investor interest, raising €2.5 million, including €300,000 in grants, and benefiting from substantially lower research costs in Cyprus compared to biotech hubs like Boston or London, it has not been easy for Theramir, as the lack of a local robust life-sciences ecosystem, knowledgeable and strategic investors and big pharmaceuticals have added extra hurdles in the biotech’s search to commercialise a cancer therapy. Yet, the co-founders face these obstacles with a chin-up attitude. “You just need to put in some extra effort,” Prokopi-Demetriades says nonchalantly, “but I feel that things are very positive. We are based in Cyprus, but we are creating breakthrough technology for everybody. So, we’re in a good place now.”