In a significant boost to its pioneering cancer treatment research, Theramir has successfully raised €525,000 in a bridge funding round. This capital injection is poised to support the company’s operations through the latter half of 2025, targeting a critical milestone: the initiation of clinical trials for their innovative therapy, EVmiR.
EVmiR, now patented by the European Patent Office, represents a novel approach in cancer treatment. By utilising extracellular vesicles (EVs) to deliver microRNAs (miRNAs) directly into tumours, Theramir aims to target oncoproteins—key regulators of cancer cell growth. This precision method promises fewer side effects compared to traditional treatments such as chemotherapy. The company’s technology has demonstrated efficacy in treating metastatic breast cancer and is now being tested for pancreatic and bladder cancers.
Theramir, co-founded by Marianna Prokopi-Demetriades and Costas Pitsillides in 2016, emerged from a passionate pursuit to find a cure for cancer. Their unique technology capitalises on EVs’ natural ability to transport biological information, essentially turning them into couriers that deliver tumour-suppressive messages via miRNAs. This method requires a detailed genetic profile of the patient to enhance the therapy’s precision and effectiveness, potentially offering prophylactic benefits by identifying genetic markers linked to high-risk conditions.
The latest funding round saw participation from notable investors, including Yannos Palate, a former executive at Eli Lilly, who will join Theramir’s advisory board. His extensive experience in life sciences and pharmaceutical engagement is expected to be instrumental in forging strategic partnerships with major pharmaceutical companies. Other investors include Nicosia-based family office Exerte Partners and finance and corporate lawyer Nancy Erotocritou.
Despite the challenges posed by the limited local life-sciences ecosystem in Cyprus, Theramir has managed to attract significant investor interest, raising €2.5 million in total, including €300,000 in grants. The company’s innovative approach and lower research costs compared to major biotech hubs like Boston or London have contributed to its success.
Looking ahead, Theramir is actively seeking a licensing deal with a major pharmaceutical firm to support the clinical trials, which could span up to seven years. The co-founders are optimistic about expediting the timeline through process efficiencies, projecting a market-ready therapy by 2030. In the interim, they are also exploring new revenue streams, such as using EVmiR to treat chronic malignant wounds through a project named MIRACULOUS, which has secured additional funding.
