DUBLIN – Without particularly looking for a deal, immunometabolism specialist Sitryx Ltd. landed quite a large one – a licensing agreement in autoimmune disease with Eli Lilly and Co. involving up to four preclinical programs, for which it is receiving $50 million up front, $10 million as equity investment and up to $820 million in development milestones.
DUBLIN – The middle of a pandemic may not be the optimal time to launch an oncology-focused company, but Klosterneuburg, Austria-based Oncoone Research & Development GmbH unveiled a €13 million (US$14.1 million) series A round Wednesday, March 18, and laid out plans to develop several different approaches to targeting an immunologically distinct form of a ubiquitous inflammatory cytokine, which is unique to cancer cells and which is associated with a poor prognosis.
Abpro Therapeutics Inc. has granted an exclusive license to Abpro Bio Co. Ltd., the former Ugint Co. Ltd., to develop and commercialize two bispecific antibodies in Asian markets, including greater China, Japan and South Korea.
Sadly, a major part of the answer to why drugs are so expensive appears to be “because they can be.” But the high cost of drugs has also spurred a number of attempts to find medicines that are innovative but remain affordable. Drug repurposing, or using a drug that has been developed for one ailment to treat a different one, is one such strategy.
DUBLIN – Redx Pharma plc has put together a rescue package with two heavyweight investors that should ensure the company’s immediate future. Redmile Group LLC and Sofinnova Partners plan to provide up to £26.3 million (US$33.6 million) in funding to the struggling drug discovery and development firm.
Alx Oncology Inc. pulled down a $105 million series C equity financing to support the expansion into phase II trials with ALX-148, described as a next-generation CD47 myeloid checkpoint inhibitor, paired with other cancer therapeutics. ALX-148 uses a “dead” Fc domain that does not bind to macrophages, thus reducing cytopenia and other toxicities associated with the class.
LONDON – Researchers have discovered a T-cell receptor (TCR) that is both capable of targeting a range of solid tumors and independent of human leukocyte (HLA) type, opening up the prospect of developing a universal anticancer T-cell therapy.
Novocure Ltd. of St. Helier, Jersey, released preliminary fourth-quarter and full-year 2019 results, showing strong momentum with its tumor treating fields (TTF) technology, a noninvasive, antimitotic therapy delivered via the Optune device. Q4 revenue is expected to hit $99.2 million, up 42% from $69.7 million in the same period last year, with anticipated full-year revenue of $351.3 million, also up 42%. In the U.S., net revenues grew 49% to $65.9 million in the last financial quarter.