NeoTX Closes $45 Million Series C Financing

Date : 02/19/2020 @ 8:00AM
Source : GlobeNewswire Inc.
Stock : AstraZeneca PLC (AZN)
Quote : 43.76  -0.02 (-0.05%) @ 11:00PM
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NeoTX Closes $45 Million Series C Financing

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NeoTX Therapeutics, a clinical-stage biotechnology company leveraging its proprietary Selective T cell Redirection (STR) platform to develop targeted anticancer immunotherapies, has closed a $45 million Series C financing.  In conjunction with the 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, the chief scientific officer of NeoTX have joined the NeoTX Board of Directors. To date, NeoTX has raised over $60 million. NeoTX plans to use the Series C proceeds to advance its STR platform for the treatment of advanced and metastatic solid tumors as well as to in-license new technologies.

“With the funds raised in this financing, we intend to complete the dose escalation phase of the Phase 1b trial of naptumomab estafenatox (“Nap”) in combination with durvalumab  and continue to develop our patented STR platform,” said Asher Nathan, chief executive officer of NeoTX. “Our platform, which uniquely leverages the body’s natural antibacterial immune response to selectively redirect T cells to kill the tumor, has the potential to be applicable in a variety of solid tumor indications and in combination with other immunotherapies. We look forward to the clinical advancement of Nap and expanding our platform in order to provide new options to patients suffering from advanced cancers.”

The open-label, multicenter, dose-finding Phase 1b study of Nap (NCT03983954) is currently enrolling. Patients are dosed with a combination of Nap and AstraZeneca’s (NYSE: AZN) checkpoint inhibitor IMFINZI® (durvalumab). NeoTX aims to establish the maximum tolerated dose before advancing to a larger cohort expansion phase in the Unites States.

About NeoTX

NeoTX is a clinical-stage biotechnology company leveraging its proprietary Selective T cell Redirection (STR) platform to develop new targeted anticancer immunotherapies. STR binds a genetically engineered bacterial determinant to the tumor surface while simultaneously activating immune cells away from the suppressive tumor environment to mount an effective antibacterial response. The company’s lead STR molecule, naptumomab estafenatox (Nap) is currently in clinical development for advanced solid tumors. For more information, please visit www.neotx.com.

Media Contact: Cait Williamson, Ph.D. LifeSci Communications (646) 751-4366cait@lifescicomms.com

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