This article covers the Series A financing on 6 October 2025 for Trogenix, a pioneering Edinburgh-based biotech developing precision cancer therapies via its Odysseus® platform, founded by Steve Pollard. The company raised £70m in a round led by IQ Capital with participation from founding investor 4BIO Capital.

What does Trogenix do?

Odysseus is a therapeutic development platform that uses Synthetic Super Enhancers to target cancer cells selectively. It delivers dual payloads to kill tumour cells and stimulate local immune responses.

Why is Trogenix useful?

Problem

People face aggressive, treatment‑resistant solid tumours that lack effective curative treatments and often return after therapy. Existing therapies can harm healthy tissue and fail to stimulate lasting immune protection.

Solution

Trogenix explains that it uses the Odysseus platform to identify tumour vulnerabilities and deliver targeted genetic medicines. It delivers dual payloads that kill cancer cells and stimulate immune protection while sparing surrounding healthy tissue.

How much did Trogenix raise?

Trogenix raised £70m ($95m) in a Series A round led by IQ Capital, alongside founding investor 4BIO Capital. This makes it the 2nd largest funding round in October 2025 (14 recorded). As of 6 October 2025, the round is the 30th largest of the year (486 total) in the Startupmag database.

For details on how Startupmag compiles its rankings, view our Methodology.

Who invested in Trogenix?

The key investors in the financing were:

IQ Capital: A UK venture capital firm investing in deep-tech and science-driven companies at early stages.
4BIO Capital: A venture firm focused on life sciences and biotech investments.
Cancer Research Horizons: A philanthropic investment fund that directs capital to translate cancer research into new treatments.
Brain Tumour Investment Fund: An investment fund affiliated with the National Brain Tumour Society that backs projects addressing brain tumours.
Eli Lilly and Company: A global pharmaceutical company that also makes strategic investments in biopharmaceutical development.
Meltwind: An investment firm with an interest in life sciences and healthcare opportunities.
LongeVC: A venture capital firm that invests in longevity-focused and life-science companies.
Calculus Capital: A venture investor that supports early-stage life sciences and healthcare businesses.
Undisclosed private investors: Unnamed private investors who also participated alongside the named backers.

In the funding announcement, Max Bautin from IQ Capital said:

Our outsized investment in Trogenix in today’s selective funding landscape reflects our confidence in the company’s world-leading science, exceptional management team and a clear roadmap for delivery both in the clinic and commercially. We are particularly excited by the potential opportunities ahead across Trogenix’s pipeline and look forward to our future collaboration.

In the funding announcement, Iain Foulkes from Cancer Research Horizons said:

Trogenix’s platform technology is a powerful example of the innovation we seek to accelerate. Representing our largest investment to date, this partnership reflects our commitment to advancing science with the potential to transform cancer treatment.

The investor added that as Trogenix advances into clinical trials for glioblastoma, they will support the team whose work could reshape therapeutic approaches and improve outcomes for patients facing the greatest need.

In the funding announcement, Dima Kuzmin from 4BIO Capital said:

We are proud to have supported Trogenix through the initial incubation stage and spin-out from the University of Edinburgh, and are very happy to continue our support alongside this strong syndicate. It is exciting to see the company forge ahead with its clinical development to deliver a pioneering portfolio of cancer therapies to patients in need.

If you're researching potential backers in this space:

Explore our list of biotech venture capital firms in the UK
Browse our directory of biotech angel investors in the UK

Who founded Trogenix?

Steve Pollard is the founder of Trogenix.

Where is Trogenix based?

Trogenix is based in Edinburgh, UK.

What sector is Trogenix in?

Trogenix operates in the biotech sector. The sector develops medicines and technologies using biology and living organisms. In simple terms, they develop new treatments to help people with serious illnesses.

Key trends and challenges in Biotech:

Precision genetic and immune-combination therapies

Therapies now combine targeted genetic delivery with immune stimulation to kill tumours while sparing healthy tissue, for example CAR-T.

Delivery and biological barriers in solid tumours

Getting treatments into solid tumours is hard because of the blood-brain barrier and tumour heterogeneity, for example glioblastoma.

Manufacturing, clinical and regulatory hurdles

Complex genetic medicines have high manufacturing costs and long trials, delaying patient access, for example phase III studies.

For a deeper look at innovation in this space, see the biotech startups in the UK.

They've invested in Trogenix

Get to know these biotech investors

Investor	Activity	Team
IQ Capital	19 investment(s) investment(s)	9 contacts contacts
4BIO Capital	1 investment(s) investment(s)	7 contacts contacts
Cancer Research Horizons	2 investment(s) investment(s)	5 contacts contacts
Eli Lilly and Company	2 investment(s) investment(s)	more info
Meltwind	3 investment(s) investment(s)	1 contact contact
Calculus Capital	41 investment(s) investment(s)	more info