Oxford spinout OMass Therapeutics has closed an oversubscribed €275m (£230m) Series C, bringing in three new co-leads while every existing shareholder followed on. The money will take its lead drug, OMS1620, through Phase 2 trials.
OMass was spun out of Professor Dame Carol Robinson's laboratory at the University of Oxford in 2016. It applies native mass spectrometry to small-molecule drug discovery, going after targets that have historically resisted conventional approaches. Its OdyssION platform studies proteins in their native cellular environment while keeping the precision of cell-free testing.
The Series C was co-led by Bain Capital Life Sciences, Forbion and Novo Holdings, all new to the register. Janus Henderson Investors, SV Health Investors and Jefferson Life Sciences also came in as new investors.
A full follow-on from existing backers
The round's most notable feature is that the entire existing syndicate took part. Syncona, Oxford Science Enterprises, GV, Northpond Ventures, Sanofi Ventures, the British Business Bank and the University of Oxford all invested again.
When every incumbent follows on, early holders can protect their stakes against dilution from the new money. It also means the round arrives as a broadly agreed recapitalisation, not a reset. No valuation was disclosed, and the company has not published the split of the cheque between new and existing investors.
At roughly £230m, the round is one of the largest private therapeutics financings in Europe this year. EU-Startups puts it well ahead of other 2026 deals including France's Bionyra Pharma (€143m), Denmark's Breye Therapeutics (€67.5m) and Cambridge-based STORM Therapeutics (€47.5m).
Where the money goes
Most of the capital is earmarked for OMS1620, an MC2 receptor antagonist. It will move through Phase 2 development in congenital adrenal hyperplasia (CAH) and in ACTH-dependent Cushing's syndrome. The drug is designed to stay bound to its receptor for longer and keep working as ACTH levels rise. The company says that could let more CAH patients normalise androgen levels on physiological doses of glucocorticoids.
The financing will also fund early clinical data for an SLC15A4 inhibitor, a potential first-in-class programme targeting lupus and other interferon-driven autoimmune conditions.
Chief executive Ros Deegan said the funding came as the company moves OMS1620 into the clinic, with the SLC15A4 programme next in line. Evan Greif, principal at Bain Capital Life Sciences, pointed to OMS1620's potential to improve treatment for CAH patients. Max Klement, partner at Novo Holdings, highlighted the unmet need across the company's endocrinology and immunology programmes.
What's next
The round puts a heavyweight transatlantic life sciences syndicate on the cap table of an Oxford spinout, alongside its university and state-backed shareholders. That mix is typical of the investor base biotechs need before a later-stage raise or a public listing. With OMS1620 entering mid-stage trials, the next value point for shareholders will be Phase 2 data in CAH.
Original source: EU-Startups — https://www.eu-startups.com/2026/10/oxford-spin-out-omass-therapeutics-lands-e275-million-to-bring-novel-small-molecule-therapies-closer-to-patients/
