NeoTX Therapeutics has secured $45 million Series C financing according to their recent press release. The clinical-stage biotech ventures leverage proprietary Selective T cell Redirection (STR) platform to develop targeted anticancer immunotherapies. This raises the total amount raised for NeoTX to $60 million.
Based in Rehovot Israel and founded in 2015, NeoTX Therapeutics Ltd. will use the most recent proceeds to support their Phase Ib trial of naptumomab estafenatox (“Nap) in combination with durvalumab and continue to pursue the development of their patented STR platform which leverages the natural antibacterial immune response to selectively redirect T cells to kill tumors and could be applicable to a number of solid tumor indications in combination with other immunotherapies.
The underlying experimental therapy naptumomab estafenatox actually originates from a Swedish company called Active Biotech. In 2016, NeoTX inked an exclusive license deal securing the rights to develop and commercialize their intellectual property worldwide in cancer indications. A deal worth up to $71 million the total pays out contingent on a number of achievements and milestones. The deal included an initial upfront fee of $250,000 and involves “double-digit” royalties on “net sales.” It should be understood that actual commercialization is still years away assuming the Phase I study goes well.
Their current open-label, multicenter, dose-finding Phase Ib study of Nap is currently enrolling patients. These patients are dosed with a combination of Nap and AstraZeneca’s checkpoint inhibitor IMFINZI (durvalumab). The Israeli sponsor seeks to establish the maximum tolerated dose before advancing to a larger cohort expansion phase in the United States. The study concludes February 2022.
The following sites are involved with this study:
|Rambam Medical Center||Anna Isakovich||Haifa|
|Sheba Medical Center||Aliza Ackerstein||Ramat Gan|
|Tel Aviv Sourasky Medical Center||Shirlee Sagiv||Tel Aviv|
Asher Nathen, one of the co-founders, noted, “With the funds raised in this financing, we intend to complete the dose escalation phase of the Phase Ib trial of NAP in combination with durvalumab and continue to develop our patented STR platform.” As part of this financing former vice chairman of The Blackstone Group, J Tomilson Hill, Chairman of NDFOS Co., Ltd, Andrew Kim, Paul T. Marinelli and Nobel laureate Dr. Roger Kornberg, chief scientific officer of NeoTX have joined the NeoTX Board of Directors.