TAIPEI,
July 1,
2024 /PRNewswire/ -- Anbogen
Therapeutics, Inc., a clinical-stage company dedicated to
developing breakthrough cancer therapies, has announced the
successful closing of a USD 7.3M
oversubscribed A+ round financing, which is a direct continuation
of the USD 12.5 Million Series A on
1st February, 2024, bringing the total raised to
USD 19.8M. The funds from the A+
round will be specifically used to advance the Phase II clinical
trial of ABT-301. The financing round was led by KGI Venture
Capital and both new and existing investors.
The capital raised in the A+ round will
primarily be used to support the Phase II clinical trial of ABT-301
in combination with PD-1 inhibitors for treating microsatellite
stable (MSS) metastatic colorectal cancer, which accounts for 95%
of the metastatic colorectal cancer population that does not
benefit from immune checkpoint inhibitors. Previous preclinical
studies have repeatedly showed that ABT-301, when combined with
immune checkpoint inhibitors, exhibits remarkable synergistic
therapeutic effects in various solid tumor models, including
subcutaneous xenograft and orthotopic models of colorectal cancer,
liver cancer, triple-negative breast cancer, and head and neck
cancer.
Given these promising results, Anbogen
decided to proceed with the A+ round of financing to secure the
necessary funds for ABT-301's clinical trial, without impacting the
ongoing Phase II development of ABT-101.
Leveraging ABT-301's compelling immunomodulatory and
synergistic effect combined with PD-1 treatment that
Anbogen has observed, we have successfully engaged
pharmaceutical companies who will agree to enter
PD-1 drug-supply agreement with Anbogen. This
collaboration will enable Anbogen to optimize its resource
allocation and underscores the strong recognition of both ABT-301
and Anbogen.
"We are deeply grateful to our investors
for their continued support and confidence in our mission," says
Dr. Tsu-An Hsu, CEO of Anbogen
Therapeutics. "This funding is crucial for the advancement of
ABT-301 combo with immune checkpoint inhibitors treating solid
tumors, and it validates our ongoing efforts to bring effective
cancer treatments to patients in need."
About Anbogen:
Anbogen is a clinical-stage biotechnology
company dedicated to developing precision anti-cancer drugs and is
committed to R&D innovations to improve the lives of cancer
patients around the world. The company was founded by Dr.
Joe Shih, in response to the
national science and technology policy. The team has years of
experience in new drug development while working at the National
Health Research Institutes or biopharma companies.
Two of its drugs, ABT-101 for non-small
cell lung cancer (NSCLC) with HER2 exon20 insertion mutations and
ABT-301(combine with immune checkpoint inhibitors) for metastatic
colorectal cancer, are currently in human clinical trials. For more
information, please visit Anbogen's official website
(www.anbogen.com).
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SOURCE Anbogen Therapeutics