On December 14, 2021 Phosplatin Therapeutics Inc., a clinical stage pharmaceutical company focused on oncology therapeutics, reported that it has completed a $37 million Series A financing (Press release, Phosplatin, DEC 14, 2021, View Source [SID1234597062]). The round was led by Adinvest AG and included participation from existing investors, including the conversion of previously issued convertible notes.
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Robert Fallon, President and Chief Executive Officer of Phosplatin Therapeutics, commented, "This is a major milestone for Phosplatin that adds the capital and resources needed to advance the clinical development of PT-112 for cancer patients who lack treatment options. We are particularly pleased with the investment support for our clinical and translational research plan."
PT-112 is the first pyrophosphate-platinum conjugate with a unique mechanism of action that induces immunogenic cell death, leading to the recruitment of tumor-infiltrating lymphocytes, and associates with bone (osteotropism), due to its pyrophosphate moiety. Two trials are underway with PT-112: a monotherapy Phase 2 clinical trial in metastatic castration-resistant prostate cancer (mCRPC) patients; and the Phase 2a dose confirmation portion of an ongoing Phase 1b/2a clinical trial in combination with PD-L1 immune checkpoint inhibition in non-small cell lung cancer (NSCLC) patients.
Dr. Neil Sunderland, Adinvest AG Chairman and lead investor, stated, "Phosplatin is advancing PT-112 based on compelling scientific validation, with top-tier collaborations. We see a range of promising opportunities ahead and are excited by the Company’s prospects."
Dr. Sunderland serves as a Director of Phosplatin Therapeutics. He has invested in life science companies for many years and was a founding Partner of Montreux Growth Partners in San Francisco, a biotech and medtech growth capital firm.
Phosplatin has raised $74 million in equity capital since inception, and receives milestone fees from its sub-licensee for Greater China.
About PT-112
PT-112 is the first small-molecule conjugate of pyrophosphate in oncology, and possesses a unique pleiotropic mechanism of action that promotes immunogenic cell death (ICD), through the release of damage associated molecular patterns (DAMPs) that bind to dendritic cells and lead to downstream immune effector cell recruitment in the tumor microenvironment. PT-112 may represent the best-in-class inducer of this immunological form of cancer cell death. Further, PT-112 harbors a property known as osteotropism, or the propensity of the drug to reach its highest concentrations in certain areas of the bone, making it a candidate for treatment of patients with cancers that originate in, or metastasize to, the bone. The first in-human study of PT-112 demonstrated an attractive safety profile and evidence of long-lasting responses among heavily pre-treated patients and won "Best Poster" within the Developmental Therapeutics category at the ESMO (Free ESMO Whitepaper) 2018 Annual Congress. The combination Phase 1b dose escalation study of PT-112 with PD-L1 checkpoint inhibitor avelumab in solid tumors was reported in an oral presentation at the ESMO (Free ESMO Whitepaper) 2020 Virtual Congress. The Phase 1 study in patients with relapsed or refractory multiple myeloma presented at ASH (Free ASH Whitepaper) is the third completed Phase 1 study of PT-112. Monotherapy Phase 2 development is ongoing in mCRPC, and the PD-L1 combination study is ongoing in a dose confirmation cohort of NSCLC patients.