On March 17, 2021 Boston Immune Technologies and Therapeutics, Inc. (BITT), a privately held developer of novel TNF Superfamily antagonist antibodies, reported that the company has completed $10 M Series A/A1 preferred stock financing (Press release, BITT, MAR 17, 2021, View Source [SID1234576821]). Investors in the Series A preferred stock financing include BeiGene, Ltd., along with undisclosed private investors and prior investors Hatteras Venture Partners and EGP Investments. Funds will support the clinical development of BIR2101, a novel, TNFR2 antagonist antibody for indications in oncology and infectious disease and additional pipeline candidates. The company also announced that Lusong Luo, Ph.D., Senior Vice President of External Innovation at BeiGene and Joseph McMahon, CEO of Bioventure Partners, will be joining BITT’s board of directors.
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"This funding, in combination with our recent option and license arrangement with BeiGene, means BITT has the resources to move BIR2101 into the clinic and support proof of concept studies for additional TNF Superfamily targets," said Russell LaMontagne, Co-founder and Chief Executive Officer of BITT.
BITT is exploring clinical trials for BIR2101 as monotherapy and in combination with checkpoint blockade. TNFR2 is highly expressed on the most suppressive cells in the tumor microenvironment and has been identified as a driver of resistance to checkpoint blockade. In multiple murine models, the combination of TNFR2 with PD-1 results in significantly higher cure rates. BITT anticipates filing an IND for BIR2101 by end of 2021. Discovery stage antagonist antibodies for additional TNF Superfamily targets are in development.