Follow the Money: Oncology, Autoimmunity, Breast, Prostate Clinical Trials, T Cell Products, More

By Clinical Research Staff 

August 28, 2024 | Third Arc Bio plan to advance through clinical studies to address significant unmet needs in oncology and autoimmunity; Halda Therapeutics are looking to advance two RIPTAC candidates into clinical trials for patients with prostate cancer and breast cancer; Outpace Bio will advance multiple programmed T cell product candidates to early clinical proof-of-concept for the treatment of solid tumors; and more. 

 

$600M: Fund for Biotech, Medical Devices, Synthetic Biology, Diagnostics Companies 

Symbiotic Capital was officially unveiled with more than $600 million in capital committed and targeted for investments and co-investments. Symbiotic will structure and originate credit solutions to life science companies to support scientific innovation across biotechnology, medical devices, diagnostics, tools, synthetic biology, and other healthcare subsectors. As life science companies fund ongoing research and development, capital expenditures, and commercialization activities, credit financings can minimize the equity demands otherwise necessary for such operations and expansion.

$165M: Series A for Multifunction Antibodies for Oncology, Autoimmunity 

Third Arc Bio closed an oversubscribed Series A with $165 million that will advance the company through clinical studies. The company develops multifunctional antibodies for T cell engagement across solid tumors and inflammatory & immunology (I&I) disease. The Series A investor syndicate was led by Vida Ventures and co-led by Cormorant Asset Management and Hillhouse Investment. Omega Funds continued their strong support of the company in the Series A and additional investors include Goldman Sachs Alternatives, BVF Partners LP, funds and accounts advised by T. Rowe Price Associates, Inc., Janus Henderson Investors, funds managed by abrdn Inc., Marshall Wace, Foresite Capital, Logos Capital, Freepoint Capital Group, and AbbVie Ventures. The company was launched in 2022 with seed financing from Omega Funds and has since advanced multiple programs that will enter the clinic starting in early 2025.

$144M: Series B for AI-Powered Cell Therapies for Solid Tumors 

Outpace Bio raised $144 million in an oversubscribed Series B financing led by RA Capital Management, with participation from new investors Qatar Investment Authority, Surveyor Capital (a Citadel company), Sheatree Capital, Black Opal Ventures, Alexandria Venture Investments, and other undisclosed investors. Proceeds will be used to advance multiple programmed T cell product candidates to early clinical proof-of-concept for the treatment of solid tumors. The funds will also support the expansion of Outpace’s future pipeline leveraging the company’s plug-and-play technology platform.

$126M: Series B for Prostate and Breast Cancer Clinical Trials 

Halda Therapeutics raised new financing of $126 million in a Series B extension, including funding from new investors Deep Track Capital, Frazier Life Sciences, RA Capital Management, Vida Ventures, Boxer Capital and Taiho Ventures. Halda is developing a novel class of cancer therapies called RIPTAC (Regulated Induced Proximity TArgeting Chimeras) therapeutics. The RIPTAC modality has been designed by Halda as a heterobifunctional molecule that targets two proteins—a cancer-specific protein and a protein with essential function—for a novel “hold and kill” mechanism, resulting in abrogation of the essential cell function, and subsequently, death of the cancer cells while sparing non-cancer tissue where the cancer-specific protein is absent or minimally expressed. The funding will advance two RIPTAC candidates into clinical trials for patients with prostate cancer and breast cancer, initially in the metastatic setting where drug resistance to standard of care is prevalent. The financing will also support the clinical development of a second RIPTAC therapeutic for metastatic breast cancer and enable the company to further build its team, as well as develop additional products using its RIPTAC platform to address other indications with unmet need.

$120M: Series B for Gastrointestinal Stromal Tumor Treatment Advancement  

IDRx completed an oversubscribed $120 million Series B Preferred Stock financing, led by RA Capital Management, Commodore Capital, and Blackstone Multi-Asset Investing. IDRx plans to use the proceeds from the financing to support the ongoing Phase 1/1b StrateGIST 1 study of its lead product candidate IDRX-42, a potent, oral, highly selective KIT inhibitor targeting all major categories of activating and resistance mutations in patients with KIT-mutant GIST. Additionally, proceeds will be used to fund the expected initiation of the first pivotal study for IDRX-42 in patients with second-line GIST.

$100M: Series C for Therapeutics for Depression and CNS Disorders 

Autobahn Therapeutics announced the closing of an oversubscribed Series C financing of $100 million led by Newpath Partners, with participation from new investors Canaan Partners, Monograph Capital, and Insight Partners. Proceeds from the Series C will be used to commence two Phase 2 clinical trials for the company’s lead program, ABX-002, a potent and selective thyroid hormone beta receptor (TRβ) agonist that was well-tolerated and demonstrated CNS target engagement in a Phase 1 study. With the proceeds from this raise, Autobahn will also advance ABX-101, a next-generation, brain-penetrant, oral sphingosine 1-phosphate (S1P) receptor modulator for the treatment of neuroimmunologic and neuroinflammatory disorders, into Phase 1 clinical testing. ABX-101 represents a differentiated, highly CNS-penetrant dual S1P modulator that unlocks novel pharmacology in multiple cell types in the brain that are associated with inflammatory diseases.

$72M: Series B for Improved Accessibility to Oncology Clinical Trials 

N-Power Medicine announced the initial closing of a Series B funding round, totaling its funds to $72 million to date. The Series B round is led by Merck Global Health Innovation Fund, with participation by a US-based healthcare focused investor. The funds will support the expansion of the company’s network of oncology clinics and biopharmaceutical company collaborations leveraging N-Power’s unique platform for integrating clinical research into everyday patient care. N-Power’s “human in the loop” model—consisting of virtual and on-site staff assisted by AI-enabled workflow automation—supports oncologists in generating research-ready data for all patients in the practice and in preparing standardized clinical documentation for the medical record.

$66.7M: Series B for Advancing Novel GPCR-Modulating Therapies 

Confo Therapeutics announced the closing of a €60 million (approx. $66.7 million) Series B financing. The round was led by Ackermans & van Haaren and included participation from additional new investors, Driehaus Capital Management and Quest for Growth. The proceeds will be used to advance two wholly owned programs through Phase 1 and two additional programs to IND approval, including molecules targeting GPR75 for obesity and new therapies for rare and severe endocrine diseases. Confo will expand its portfolio of GPCR-targeting small molecules and therapeutic antibodies, which includes an emphasis on agonistic antibodies.

$63.5M: Series C for Phase 2 Clinical Trial for Hypoparathyroidism 

MBX Biosciences announced a $63.5 million Series C financing led by Deep Track Capital, with participation from new investors Driehaus Capital Management. Funds and accounts were advised by T. Rowe Price Associates, Inc. The proceeds will go into the Phase 2 clinical trial of MBX 2109, MBX’s parathyroid hormone peptide prodrug, in patients with hypoparathyroidism. MBX 1416, a candidate for post-bariatric hypoclycemia, is currently being evaluated in a Phase 1 single and multiple ascending dose trial. MBX also has a portfolio of early-stage candidates in obesity and metabolic disease, including MBX 4291, a long-acting GLP-1/GIP receptor co-agonist prodrug currently in IND-enabling studies.

$60M: Series A for RNA Editing Medicines 

AIRNA successfully closed an oversubscribed $60 million financing round, which brings the total Series A funding to $90 million. The financing was led by Forbion with participation from Ono Venture Investment and Alexandria Venture Investments, as well as AIRNA’s existing syndicate, including ARCH Venture Partners and ND Capital. The proceeds will be used to advance AIRNA’s lead product candidate, RESTORE+ platform, which optimizes oligonucleotide sequence, chemistry, and delivery for precise, efficient, and safe RNA editing. AIRNA’s first product candidate is a potential treatment for alpha-1 antitrypsin deficiency (AATD), which the company aims to advance into clinical trials.

$59M: Grant Awarded for iPS-T Cell Therapy 

Shinobi Therapeutics was awarded up to $59 million in non-dilutive grant funding by the Japanese Agency for Medical Research and Development (AMED). The grant will be used to support the development of Shinobi's lead program, an iPS-T cell therapy targeting GPC3+ solid tumor cancers. Shinobi also announced an extension of its Series A round, bringing the company's total funding to $119M, with the addition of Yosemite and Mitsubishi UFJ Capital as investors.

$58.75M: Series B for Ultrasensitive Liquid Biopsy MRD Testing Platform 

Foresight Diagnostics closed an oversubscribed Series B financing round of $58.75 million. The financing was led by Foresite Capital, with participation by Civilization Ventures, Bluebird Ventures, Pear Ventures, Agent Capital, Stanford University, and The University of Colorado Healthcare Innovation Fund. The proceeds will be used to accelerate the clinical development and commercialization of Foresight Diagnostics' cancer recurrence testing platform, PhasED-Seq. The PhasED-Seq technology leverages the sequencing of phased variants for ultrasensitive and highly specific detection of circulating tumor DNA (ctDNA).

$55M: Series A for Antiviral Drugs Against COVID-19, Influenza Pathogens 

Apple Tree Partners has invested $55 million in a new biotechnology company, Red Queen Therapeutics, which is developing antiviral treatments capable of working across families of viruses. Red Queen Therapeutics envisions its technology as a foundation for antiviral drugs against infectious pathogens like COVID-19, influenza, and respiratory syncytial virus. It has already advanced a COVID antiviral through Phase 1 testing and has secured U.S. government funding for a pan-influenza drug. The Series A funding will help Red Queen advance its pipeline, which includes programs in RSV, influenza, and herpes. The company is planning a Phase 2 study of RQ-01 in people with weakened immune systems.

$47M: Series C for Neurofibromatosis Type 1  

Healx raised $47 million in a Series C round. The Series C round was co-led by Silicon Valley-based R42 Group and Atomico. Proceeds of the financing will be used to advance the company’s pipeline of medicines in rare oncology, renal, and neurodevelopmental disorders, including advancing its lead program HLX-1502 through a Phase 2 clinical trial for the treatment of neurofibromatosis Type 1 (NF1). NF1 is a rare genetic disorder associated with predisposition to develop multiple benign and malignant tumors.

$45M: Series A for Small Volume Protein Biomarkers  

Spear Bio closed its $45 million Series A financing. The oversubscribed round was co-led by Foresite Capital and Bio-Techne Corporation. Spear Bio’s Successive Proximity Extension Amplification Reaction (SPEAR) technology precisely measures protein biomarkers at the attomolar level without high-affinity antibodies from less than 1 microliter sample volume, 100 times less than the typical sample volume required for immunoassays.

$36M: Series B for Lab Standardization, Labor Crisis Alleviation 

Clarapath announced a $36 million Series B-1 funding round led by Northwell Ventures. Clarapath will use the new capital to support the commercialization of its platform, SectionStar, the first (pending US launch) all-in-one tissue sectioning and transfer system that dramatically increases capacity, reliability, and consistency while minimizing the need for highly skilled labor, and fund future laboratory process consolidation. The company will also leverage the funds to expand its sales and service and precision manufacturing capabilities, as well as continue its robust R&D pipeline.

$30M: Series A for AI-Driven CNS Disorders Platform 

ReviR Therapeutics successfully completed a $30 million Series A financing led by Lapam Capital with strong support from existing investors CDH Investments, 5Y Capital, and Yael Capital. These funds will be used to further augment ReviR's AI-driven drug discovery VoyageR platform, which will be leveraged to advance proprietary chemical matter for novel and undruggable targets and to support clinical development of treatments for Huntington's disease (HD), Charcot-Marie-Tooth disease (CMT), amyotrophic lateral sclerosis (ALS), and other neurological disorders.

$24M: Series A for Cancer and Neurodegeneration Programs 

SEED Therapeutics announced a first close of $24 million from investors led by Eisai. A second close is targeted for Q4 2024. The Series A-3 financing is expected to further accelerate SEED’s clinical development of internal proprietary programs in cancer and in neurodegeneration, expand its TPD platform and pipeline, and supplement prior investments from Eli Lilly and BeyondSpring. SEED has also entered a strategic research collaboration with Eisai to further discover and develop molecular glue degraders.

$24M: Series A for First-in-Class CNS Therapeutics With Restorative Potential 

Myrobalan Therapeutics completed a $24 million Series A funding. Funding was led by Co-win Ventures, with participation from new and existing investors including, Guan Zi Equity Investment (Li Shui) Partnership (Limited Partnership), 3E Bioventures Capital, and AB Magnitude Ventures Group. The funds will enable Myrobalan to advance its first program into the clinic. Myrobalan is developing orally available small molecule neurorestorative therapies, including antagonists that reduce neuroinflammation.

$20.7M: Series B for AI-Powered Cancer Risk Assessments 

PreciseDx raised $20.7 million in Series B funding, bringing its total funding to date to $31.5 million. The round was led by Eventide Asset Management. Additional participants include Labcorp, Quest Diagnostics, and GenHenn Capital Venture, along with existing investors. Theh PreciseDX platform offers morphology-driven disease analysis by combining AI with its patented Morphology Feature Array (MFA). The new funding will support expanded commercialization efforts for PreciseBreast risk assessment, an AI-powered test used to assess early-stage invasive breast cancer risk.

$20M: Series A for Development of Immunotherapy Platform  

LTZ Therapeutics announced the completion of the company’s Series A financing of over $20 million to advance the development of its Myeloid Engager Platform pipeline to treat cancer and autoimmune diseases. The Myeloid Engager Platform is designed to enhance the phagocytic function of monocytes and macrophages to foster anti-tumor immunity. This round was led by new investor Lapam Capital and includes new investment participation from GL Ventures. Proceeds will be used to accelerate development of LTZ’s pipeline, supporting the company’s Investigational New Drug (IND) process, initiating the Phase 1 clinical study of LTZ’s lead asset LTZ-301, as well as the IND-enabling work of its second asset, LTZ-232. The company will also use the new capital to further advance other programs in discovery and to expand its team.

$20M: Series B for Increasing IP Retention to Bolster Australia’s Biotech Sector 

Proto Axiom closed $20 million of its targeted $30 million Series B to bolster Australia's biotechnology (biotech) sector through increased intellectual property (IP) retention. The funds will support Proto Axiom to continue constructing a leading portfolio of the most innovative new businesses in biotech, while onshoring Australia's scientific capacity to keep IP in Australia. The Series B first close and $15M Series A announced in September 2022 gives Proto Axiom a cash value of $90 million. Series B investors join the significant institutional support Proto Axiom received in its Series A from investors such as Catalio, Parkview International, Churchill Asset Management and HOF Capital.

$17M: Series A for Advancing Protein Degradation Platform 

Pinetree Therapeutics completed a Series A funding round, raising $17 million from new and existing investors. The investment was co-led by STIC Investments and DSC Investment. The proceeds will be used to leverage Pinetree’s AbReptor antibody degrader platform to advance its novel multispecific TPD development programs across multiple tumor types and targets in several oncology indications, with potential application in other therapeutic areas. The AbReptor leverages a novel mechanism of action to degrade surface and extracellular proteins to improve outcomes across therapeutics areas.

$16M: Series A for Worm-Derived Allergy, Autoimmune Medicine Development 

Holoclara completed an oversubscribed $16 million Series A financing led by BOLD Capital Partners. The capital will be used to progress development of Holoclara’s orally available therapeutics into the clinic this year. The company additionally continues to advance its broader discovery engine to isolate and identify particular molecules with therapeutic potential from worms.

$15M: Series A for Age-Related Diseases Therapies 

Oisín Biotechnologies announced the first close in a $15 million Series A financing round. AbbVie Ventures led the first close, and in conjunction with its investment, will join the Oisín Board of Directors and Scientific Advisory Board. Oisín will use proceeds financing to advance its pipeline of therapies for age-related diseases toward clinical development. Ongoing programs include candidates to eliminate unwanted fat cells and build muscle mass to address frailty. The company’s novel genetic medicine platform uses the Fusogenix Proteo-lipid Vehicle delivery system developed by Entos Pharmaceuticals.

$14.5M: Series B for Phase 2 Drug Development for Dementia Treatment 

Kinoxis Therapeutics secured $14.5 million in new funding through a Series B financing round. The financing was heavily supported by existing investors at Uniseed, UniSuper, the University of Sydney, Stoic VC, and new US-based investor Avicella Capital. The funds raised will be used to support Phase 2 programs for Kinoxis’ lead drug candidate, KNX100. Being developed as a transdiagnostic treatment, KNX100 addresses behavioral and psychological symptoms across multiple indications, including agitation and aggression in dementia and several substance use disorders.

$14M: Seed Funding for Novel Gene Therapies for Alzheimer’s  

GordonMD Global Investments LP announced today that Amlogenyx Inc. has completed a seed funding round of $14 million. Amlogenyx, a subsidiary of Ultragenyx Pharmaceutical, is researching and developing novel gene therapies for Alzheimer’s disease and other amyloid diseases. The seed round was led by GordonMD and associated investors, as well as Ultragenyx.

$8.3M: Series A for Growth in Cell Culture Market, Regenerative Medicine 

PL BioScience completed a €7.8 million (approx. $8.3 million) Series A financing round. The growth-stage round earned significant investments from AVANT BIO (New York), LePure Biotech (Shanghai), b.value AG (Dortmund), and better ventures (Munich). With the funding, PL BioScience will scale up production capacities and strengthen the company’s position in thriving cell culture markets and advancing therapeutic developments in regenerative medicine. PL BioScience’s Human Platelet Lysate (HPL) technology promotes cell therapy developments. Derived from donated blood no longer suitable for transfusion, HPL provides a sustainable and effective alternative to animal-derived cell culture media. This technology is pivotal in driving progress in cell therapy development, ensuring reliable results in laboratories worldwide and paving the way for advancements in regenerative medicine.

$8M: Seed Funding for Neuroscience Drug Development  

Montara Therapeutics closed an oversubscribed $8 million seed financing led by SV Health Investors’ Dementia Discovery Fund and co-lead Two Bear Capital. With the seed funding, Montara is advancing its universal peripheral blocker and a neurological disease-targeting drug with proven clinical benefit but severe dose-limiting peripheral side effects. Montara has also initiated chemistry on subsequent programs for Alzheimer’s and Parkinson’s disease.

$7.2M: Seed Funding for GenAI Enzyme Design 

Biomatter raised €6.5 million (approx. $7.2 million) in a seed funding round co-led by Inventure and UVC Partners. This milestone marks a significant leap in the application of generative AI in synthetic biology, setting the stage for advancements in the field. With these funds, Biomatter aims to expand their Intelligent Architecture platform even further across multiple industries. Biomatter's platform designs enzymes from the ground up, starting with the desired characteristics and building the enzyme de novo. This approach breaks free from the constraints of natural evolution, allowing for the creation of enzymes tailored to specific industrial needs.

$5.5M: Series C for Out-Licensing Biomarkers 

SphingoTec closed a €5 million (approx. $5.5 million) Series C financing round. The investment was led by Think.Health Ventures. The funds will help in advancing the out-licensing and commercialization of SphingoTec’s innovative biomarkers for critical care with the aim of significantly improving patient management and outcomes. SphingoTec also aims for global expansion, including entry into the US market. SphingoTec develops and markets in vitro diagnostic (IVD) solutions for novel and proprietary blood-based protein biomarkers. The company focuses on translational medicine, bringing innovations to frontline healthcare by discovering biomarkers, developing IVD assays, and making them available on different diagnostic platforms. 

$5M: Seed Funding for Targeted, Non-Viral DNA Insertion Technology 

Kano Therapeutics secured an oversubscribed $5 million seed round. The Engine Ventures and VSquared Ventures co-led the round, with Taihill Venture and Metaplanet also participating. The financing will be used to develop Kano’s good laboratory practice (GLP) standards, design a process for clinical-grade production of kilobase ssDNA, and advance the company’s internal and external programs through collaborative drug development. The company’s platform connects manufacturing, application, and computational tools that serve an end-to-end solution that: breaks down long-standing manufacturing bottlenecks, enables gene constructs with low toxicity and high insertion efficiency, and builds a first-of-its-kind, real-world computational knowledge base.

$3.8M: Seed Financing for Metachromatic Leukodystrophy Treatment 

Release Therapeutics (Release Tx) closed a CHF 3.3 million (approx. $3.8 million) seed financing round with private investors. The financing follows the Release Tx’s first preclinical results in animal models of metachromatic leukodystrophy (MLD). The proceeds will be used to assess the impact of Release Tx’s technology in non-human primates. Release Tx recently formed a strategic collaboration with the Innovation Unit for Gene and Cell Therapy (GENOV) at the distinguished Paris Brain Institute to assess the impact of the company’s technology in mice presenting symptoms of MLD. The mice were implanted with an analogue of Release Tx’s Myo-P device and received ARSA enzyme replacement therapy over three months. After three months of treatment, the mice showed reversal of disease progression, suggesting the Company’s technology holds great promise in treating symptomatic MLD.

$3M: Series A for Breakthrough Respiratory Technology and Therapeutics 

Nob Hill Therapeutics (NHT) announced the first close of a $3 million Series A financing round. The round was led by new investor Tramway Venture Partners and also included investments from TCA Venture Group and VIC Technology Venture Development, which founded NHT. NHT is developing new technologies and therapies for lung-related diseases that cannot be effectively treated today.  The funds will support continued development of Nob Hill’s high-dose respiratory technology and therapeutics, including pre-IND studies. NHT has a patent-protected inhalation device capable of delivering high therapeutic doses directly to the lung. It is suitable for patients of all ages and inhalation capabilities, including patients with compromised lung function.

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