Finance, Grants, Deals

The cancer charity Cancer Research UK has chosen a bispecific protein therapeutic as a new development project, electing to take the molecule, CB213, into a Phase I clinical trial in patients with solid tumours. The therapeutic is being developed by Crescendo Biologics Ltd, which announced a partnership with the charity on 5 May. Crescendo has a preclinical portfolio of molecules targeting a range of cancers. The molecules are small, and based on the variable domain of the heavy chain of an antibody.

Norway-based BerGenBio ASA has raised NOK 500 million (€45.4 million) in an oversubscribed private share placement to support the development of its oncology portfolio which focuses on AXL inhibition. The lead candidate, bemcentinib, is in five Phase 2 studies as a single agent, or in combination, in acute myeloid leukaemia and non-small cell lung cancer.

A candidate vaccine against Lyme disease has been given a boost following a collaboration announced on 30 April between the vaccine’s developer Valneva SE and Pfizer Inc. The vaccine, VLA15, is currently in Phase 2 as a prophylactic treatment against Lyme disease. Under the agreement, Valneva will fund 30% of development costs up to regulatory submission. Pfizer will lead late-stage development and be responsible for commercialisation, paying Valneva tiered royalties on product sales starting at 19%.

Bavarian Nordic A/S has received a new order under a 2017 contract with the US government to supply its non-replicating smallpox vaccine to the US strategic national stockpile. The vaccine, Jynneos, is indicated for people who have been determined to be at high risk for infection from smallpox or monkeypox, which both belong to the Orthopoxvirus genus of viruses. It was approved by the Food and Drug Administration in September 2019. According to the Centers for Disease Control and Prevention, the last natural outbreak of smallpox in the US occurred in 1949.

AstraZeneca Plc has partnered with the University of Oxford to develop, manufacture and distribute a candidate vaccine for COVID-19 that is based on technology originating from the university and its 2016 spin-out Vaccitech Ltd. The vaccine, ChAdOx1 nCoV-19, is in a Phase 1 clinical trial to test its safety and efficacy in healthy volunteers. Initial results from the study are expected to be reported in June.

Compass Pathways Ltd has raised $80 million in a Series B investment round to support its lead product for treatment-resistant depression – a psilocybin therapy that has received breakthrough therapy designation from the US Food and Drug Administration.

Immunic Inc is to test its lead anti-inflammatory product IMU-838 as a potential COVID-19 therapeutic after preclinical studies showed the small molecule drug was active against the coronavirus SARS-CoV-2. Separately, the company has announced the pricing of a new share issue which is expected to yield a net $14 million.

US-based SwanBio Therapeutics Inc has raised an additional $52 million in an expanded Series A financing to advance a candidate gene therapy for the inherited neurological disorder adrenomyeloneuropathy (AMN). The new financing brings the total raised in the round to $77 million. It will enable to company to conduct studies leading up to a first clinical trial as well as build up its manufacturing capacity.

NOXXON Pharma NV has secured financing of up to €14.2 million in convertible bonds enabling it to continue the clinical development of its RNA oligonucleotide drugs for cancer. The convertible bond agreement is with Atlas Special Opportunities LLC. The full financing agreement, if drawn in total, will allow the Germany-based company to finance its activities to the beginning of 2022, including the completion of an ongoing trial in patients with newly diagnosed brain cancer.

Norway-based Targovax ASA is to work with Valo Therapeutics Oy to investigate a new vaccine platform that could target a range of difficult-to-treat cancers. Targovax has an oncolytic virus product, ONCOS-102, in early clinical development against a number of cancers including mesothelioma where it recently generated positive data. It also has recent experience with a cancer vaccine targeting tumours expressing mutated forms of RAS.