IconOVir Bio

About IconOVir Bio

IconOVir Bio is a clinical-stage biotechnology company developing oncolytic virus (OV) therapies aimed at treating cancer. The company was established in 2020 and is headquartered in San Diego, California. IconOVir Bio was founded by Two River Group, a venture firm led by Arie Belldegrun, who previously founded Kite Pharma and Allogene Therapeutics.

The company's core technology originates from over a decade of research by its scientific founder, Dr. Clodagh O'Shea, a Professor of Molecular and Cell Biology at the Salk Institute. Dr. O'Shea, who earned her Ph.D. from Imperial College London, has focused her research on designing synthetic viruses that can selectively target and destroy cancer cells while leaving healthy cells unharmed. Her work led to the development of IconOVir's proprietary platform, which is designed to overcome the limitations of earlier oncolytic virus therapies, such as the need for direct tumor injection and reduced potency. Mark Plavsic, an expert in virology and molecular cell biology with over 30 years of experience in the biopharmaceutical industry, serves as the company's President and Chief Executive Officer.

IconOVir's business model centers on the research, development, and eventual commercialization of these next-generation OV therapies for patients with solid tumors. The company's platform allows for the creation of viruses that can be administered intravenously and are engineered for enhanced tumor selectivity and potency. This approach enables the viruses to infect a wide range of tumor cells, rupture them, and spread to other cancer cells, effectively triggering an anti-tumor immune response. The company's initial funding included a significant $77 million Series A round in January 2021, co-led by Nextech and Vida Ventures, with participation from investors like GV (formerly Google Ventures) and Polaris Partners. This was followed by a Series B round, bringing total funding to over $97 million.

The lead product candidate, ICVB-1042 (formerly IOV-1042), is derived from a common cold virus (adenovirus) and has been rationally designed with genomic modifications. Preclinical studies demonstrated its ability to infect and kill a broad range of tumor cells, including those from head and neck, bladder, lung, and breast cancers. In July 2023, IconOVir initiated a Phase 1 clinical trial for ICVB-1042, administering it intravenously to patients with advanced solid tumors to evaluate its safety and efficacy. However, in February 2025, UroGen Pharma acquired the assets related to ICVB-1042 from IconOVir for $4 million in stock, with additional milestone payments.