– Proceeds to support clinical progress of differentiated anti-CD47 candidate AO-176 for patients with solid tumors and hematologic malignancies –
– Series C co-led by new investors Eventide Asset Management and Cowen Healthcare Investments alongside current investor 3x5 Partners; round includes new investors Adage Capital Management, Point72 Asset Management, Avego Healthcare Capital, FMB Research and Broadfin Holdings –
BRISBANE, Calif. and ST. LOUIS, April 27, 2021 (GLOBE NEWSWIRE) -- Arch Oncology, Inc., a clinical-stage immuno-oncology company focused on the discovery and development of anti-CD47 biologic therapies, today announced that it has closed a $105 million Series C financing co-led by Eventide Asset Management, Cowen Healthcare Investments and current investor 3x5 Partners, who were joined by new investors Adage Capital Management, Point72 Asset Management, Avego Healthcare Capital, FMB Research and Broadfin Holdings. Arch Oncology’s existing investors, including Roche Venture Fund, RiverVest Venture Partners, and Lightchain, also participated in the round. In connection with the financing, Joy Ghosh, Ph.D., Senior Research Analyst at Eventide Asset Management, Eric Pham, Ph.D., Associate at Cowen Healthcare Investments, and Joe Biller, Managing Director at 3x5 Partners, will join the Company’s Board of Directors.
“This financing enables the clinical progress of our differentiated anti-CD47 product candidate AO-176, currently in Phase 1/2 clinical trials for solid tumors, both as a monotherapy and in combination with paclitaxel, and multiple myeloma. Looking forward, we plan to expand the AO-176 clinical program to include a combination trial with pembrolizumab (KEYTRUDA®) in solid tumors, and a combination trial with standard therapies in multiple myeloma. We will also explore other indications and combinations consistent with our novel mechanisms of action,” said Laurence Blumberg, M.D., President and Chief Executive Officer of Arch Oncology. “The quality of our new and existing investors is a testament to this pipeline and our mission on behalf of patients with cancer who need better therapeutic options.”
AO-176 is an anti-CD47 IgG2 antibody in Phase 1/2 clinical trials for the treatment of patients with select solid tumors and with hematologic malignancies, both as monotherapy and in combination with standard therapies. AO-176 works by blocking the “don’t eat me” signal enabled by CD47’s interaction with SIRPa and inducing phagocytosis. It has a unique combination of features, positioning it to improve upon the safety and efficacy profile among anti-CD47 antibody therapies including: lower binding to normal cells in general and negligible binding to red blood cells; enhanced binding to CD47 in acidic environments found in tumors; and induction of programmed and immunogenic cell death.
“Arch Oncology’s highly differentiated approach to the development of anti-CD47 agents is a promising development in the immuno-oncology space,” said John McKearn, Ph.D., Managing Director, RiverVest Venture Partners and Chairman of the Board of Arch Oncology. “We look forward to continuing to support the Company as it develops and advances its robust pipeline of promising drug candidates, including a broad clinical program for AO-176.”
About Arch Oncology
Arch Oncology, Inc. is a privately-held, clinical-stage immuno-oncology company focused on the discovery and development of potential best-in-class biologic therapies for the treatment of patients with solid tumors and hematologic malignancies. AO-176, the Company’s next-generation anti-CD47 antibody, is highly differentiated, with the potential for an improved safety and efficacy profile relative to other agents in this class. AO-176 is in Phase 1/2 clinical trials for the treatment of patients with select solid tumors and with hematologic malignancies, both as monotherapy and in combination with standard therapies. In addition, the Company is advancing a pipeline of antibody programs for the treatment of cancer. For more information please visit www.archoncology.com.
Arch Oncology, Inc.
Investor and Media Contacts:
Investors:
Victoria Hidalgo-Merz
For Arch Oncology
IR@archoncology.com
Media:
Carol Guaccero
For Arch Oncology
301-606-4722
IR@archoncology.com