Oxford-based Alethio Therapeutics raises £67m led by Sofinnova Partners and RA Capital
This article covers Alethio Therapeutics, a biotech startup spun out of the University of Oxford, which has raised £67m in an oversubscribed series A funding round to advance targeted therapies for myeloproliferative neoplasms (MPNs). The financing will fund IND-enabling studies and early clinical trials of its lead antibody programme, targeting treatments for patients with MPNs.
Alethio Therapeutics, a biotech startup spun out of the University of Oxford, has raised £67 million in an oversubscribed series A funding round to advance targeted therapies for myeloproliferative neoplasms (MPNs). The financing will push its lead antibody programme into IND-enabling studies and early clinical trials, a step that could change how a group of chronic blood cancers is treated.
Why it matters
MPNs are a group of blood cancers characterised by the uncontrolled production of blood cells and an elevated risk of thrombosis, bone marrow scarring (myelofibrosis) and progression to acute leukaemia. Current options for conditions such as essential thrombocythaemia (ET) — including hydroxycarbamide and interferon — are non-targeted and can harm healthy cells, leaving patients on lifelong, often burdensome treatment pathways.
Alethio’s approach is explicit: selectively eliminate the cells that sustain the disease rather than primarily managing symptoms. If the biology translates in patients, that could shift treatment goals from control to disease modification and reduce thrombotic risk and long-term toxicity.
Inside the product
Alethio’s lead programme, ATX-011, is a monoclonal antibody that targets G6B, a protein found on platelets and megakaryocytes. The antibody is designed to normalise platelet counts in ET by selectively enhancing platelet clearance. Crucially, G6B is reported to be expressed on MPN-initiating stem cells but not on healthy stem cells, and on megakaryocytes implicated in bone marrow fibrosis — a pathway linked to disease progression.
Preclinical data for ATX-011 has been selected for an oral presentation at the American Society of Hematology (ASH) 2026 Annual Meeting. The company says the new capital will fund IND-enabling studies and a Phase 1/2a programme in ET, with the aim of progressing to Phase 3 readiness. Alethio also notes additional MPN programmes and its ARTEMIS discovery platform as engines for future pipeline expansion.
Who are the investors?
The round was co-led by Sofinnova Partners and RA Capital, with founding investor Oxford Science Enterprises also participating and additional support from Cancer Research Horizons and the University of Oxford. The round was oversubscribed and includes board appointments: Graziano Seghezzi, Managing Partner at Sofinnova Partners, and Maxwell DeNies of RA Capital will join Alethio’s board.
Investors point to differentiated human biology and patient-derived validation behind the bet on G6B and ATX-011, and to the team’s ability to translate academic discovery into a clinical-stage company.
In the announcement, Graziano Seghezzi, Managing Partner at Sofinnova Partners, said:
The most transformative companies are built around insights that challenge long-held assumptions in medicine. In MPNs, the field has long accepted that controlling the disease is enough. Alethio challenges that assumption. By targeting the cells that drive the disease, its approach has the potential to move patients beyond symptom management toward true disease modification. All of this is based on an exceptional team and founders with a deep understanding of the disease.
In the announcement, Maxwell DeNies, of RA Capital, said:
We were drawn to the strength of the biology underpinning Alethio's approach. G6B is a highly differentiated target with compelling human data supporting its role in selectively identifying disease-driving cells in MPN. Combined with the extensive patient-derived validation generated by the team, this creates a strong scientific foundation for the programme as it advances toward the clinic.
In the announcement, Sally Dewhurst, Principal at Oxford Science Enterprises, said:
Since its formation, Alethio has made incredible progress in translating pioneering University of Oxford science into a focused and ambitious biotechnology company. The team has built not only a promising lead programme but also the ARTEMIS discovery platform, providing a powerful engine for future pipeline innovation. We are proud to continue supporting the company and are delighted to welcome such an experienced syndicate to help Alethio transition to the next stage of growth; delivering meaningful impact for patients in the clinic.
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Founder perspective
Alethio was founded by Adam Mead and Beth Psaila as a University of Oxford spin-out. The funding is intended to move the business from research into clinical development and to advance multiple programmes toward IND submission and early trials.
In the announcement, Rohit Batta, CEO at Alethio Therapeutics, said:
Too often, a patient's first encounter with ET is a thrombotic event that lands them in the emergency room. What follows is typically lifelong treatment with therapies that can cause burdensome side effects and are associated with high rates of resistance. Alethio was founded on a simple conviction - if you can selectively eliminate the cells driving disease, you can redefine what is possible for patients. This financing enables us to turn that conviction into reality.
The bigger picture
The financing underscores continued investor interest in UK biotech spin-outs that can move academic insights into the clinic. Alethio’s progress — an Oxford spin-out advancing a targeted antibody with a clear clinical path and a platform for additional assets — fits a broader pattern: investors are prioritising programmes with human-validated targets and rapid translational pathways.
Presenting preclinical data at ASH 2026 also gives Alethio visibility on an international clinical stage, which can help as the company seeks partnerships or later-stage capital. For the UK and European biotech scene, the round is another signal that venture capital remains available for well-founded biology and clinical plans, particularly from Oxford-linked ventures and established life-science investors.
They've invested in Alethio Therapeutics
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| Investors | Investment Focus | Startup Investments | Round Size | Connect |
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 Sofinnova Partners( ) Sofinnova Partners, established in 1972, manages over €4 billion and has backed ... Paris, France  | ||||
 RA Capital( ) RA Capital Management is a multi-stage investment manager focused on evidence-ba... Boston, US  | ||||
 Oxford Science Enterprises( ) The firm focuses on investing in Life Sciences, Health Tech, and Deep Tech, prim... Oxford  | ||||
 Cancer Research Horizons( ) This venture capital firm operates an £8m Seed Fund focused on high-potential, e... London, London | ||||
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