Biovance backs Mondego with series A for cancer immunotherapy

18 September 2025

Portuguese venture firm Biovance Capital Partners has led a series A financing for Mondego Bio, joined by US investors OrbiMed (Nasdaq: OMED) and Torrey Pines Investment.

Mondego, based at Biocant science park, is developing protein tyrosine phosphatase non-receptor type 2 (PTPN2) inhibitors as a new class of cancer immunotherapies.

The funding marks the first deployment from Biovance Capital Fund I, a 57 million euro ($62 million) vehicle backed by the European Investment Fund, BIAL, Banco Português de Fomento, and EU programs. Biovance aims to attract top scientists and international capital to Portugal’s growing biotech ecosystem while focusing on early-stage drug developers across Southern Europe.

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