Adnexus Therapeutics will use the proceeds from $15.5 million garnered in Series C financing to help fund further clinical development activities of its anticancer drug Angiocept (CT-322), a product that inhibits activation of vascular endothelial growth factor receptor-2 (VEGFR-2).
The financing was led by new investor HBM BioVentures Ltd., a global health care investment firm. Existing venture investors Atlas Venture, Flagship Ventures, Polaris Venture Partners and Venrock also participated in the financing.
Angiocept is part of a new class of protein therapeutics known as adnectins, which are based on human fibronectin. The product currently is being tested in the U.S. in a Phase I clinical trial in adult patients with advanced solid tumors or non-Hodgkin's lymphoma.
Adnexus, said that preliminary results of the trial demonstrated promising evidence of biological activity in patients within four hours of drug administration as evidenced by elevated plasma levels of biomarkers of VEGFR-2 pathway, and those biomarkers remained elevated significantly above baseline throughout the multidose treatment period.
In addition, the firm stated, CT-322 administration resulted in predictable, consistent pharmacokinetics that could support every-other-week dosing in humans.
Adnexus previously raised a total of $55 million in Series A and B financing. (See BioWorld Today, June 26, 2006).
In February, the firm announced a deal with Bristol-Myers Squibb Co. for discovering adnectin-based drugs against cancer targets that could add more than $200 million to Adnexus' revenues. (See BioWorld Today, Feb. 27, 2007).
A spokesperson for the Waltham, Mass., biological maker said the firm's executive team was traveling abroad and could not be reached for comment.
In other financing news:
• VIA Pharmaceuticals Inc., of San Francisco, completed the second and final closing of its previously announced $25 million private placement of common stock. At the second closing on Aug. 8, VIA issued the remaining 8,402,940 shares of common stock for an aggregate purchase price of approximately $20.42 million. It previously issued 1,885,125 shares of common stock for an aggregate purchase price of approximately $4.58 million in the first closing, which occurred July 2. After fees and estimated offering expenses, VIA received aggregate net proceeds of approximately $23.2 million from the financing, which it intends to use to continue research, development and commercialization activities. VIA's lead drug candidate, VIA-2291, is in two concurrent Phase II studies in patients with cardiovascular disease.