Diakonos Oncology, a clinical-stage biotechnology company developing a new generation of immunotherapies to treat challenging and aggressive cancers, announced the closing of a $20 million private placement of Simple Agreements for Future Equity (SAFE) to accelerate the company's Phase 2 glioblastoma trial for dubodencel, also known as DOC1021, and support the expansion of its clinical portfolio to other indications, including refractory melanoma.

The financing includes backing by new investors Baylor College of Medicine (BCM), the Brain Tumor Investment Fund (BTIF), and the Buttonwood Titan QC Fund, with additional participation from existing shareholders including CEO Mike Wicks, MS. BCM is also contributing in-kind services toward the company's pre-clinical and clinical development programs. This $20 million financing follows Diakonos' oversubscribed $11.4 million seed financing that closed last year and serves as a bridge to a Series A financing that the company plans to launch in the second half of this year.