Skysong Innovations completes licensing agreement with ASU spinout OncoMyx Therapeutics
Immunotherapy company backed by $25 million in Series A financing is developing cancer treatments based on novel ASU technology
OncoMyx Therapeutics, an Arizona State University (ASU) spinout and privately-held oncolytic immunotherapy company founded on the myxoma virus (MYXV) platform, has finalized a licensing agreement with Skysong Innovations, ASU’s technology transfer organization.
In June 2019, OncoMyx completed a $25 million Series A financing, one of the year’s largest venture investments in Arizona and the most money ever raised by an ASU spinout in its initial funding round. The company is using the proceeds to advance the development of its MYXV platform to the stage when it can begin human clinical trials.
Overall, companies launched to develop ASU’s intellectual property are boosting the state’s economy. To date, ASU researchers and other entrepreneurs have started more than 140 new companies, which together have attracted almost a billion dollars in outside investments. An independent economic impact analysis completed last year found that, from 2016-2019, Arizona’s economy gained a cumulative $575 million in gross state product, $52 million in state and local tax revenues, and 5,842 job-years (equivalent to one person having a job for one full year) as a result of Skysong Innovations’ venture development activities. The cumulative economic impact of these new companies is projected to reach $1.16 billion by the end of 2022.