On April 27, 2021 Arch Oncology, Inc., a clinical-stage immuno-oncology company focused on the discovery and development of anti-CD47 biologic therapies, reported that it has closed a $105 million Series C financing co-led by Eventide Asset Management, Cowen Healthcare Investments and current investor 3×5 Partners, who were joined by new investors Adage Capital Management, Point72 Asset Management, Avego Healthcare Capital, FMB Research and Broadfin Holdings (Press release, Arch Oncology, APR 27, 2021, View Source;utm_medium=rss&utm_campaign=arch-oncology-secures-105-million-series-c-financing [SID1234578553]). Arch Oncology’s existing investors, including Roche Venture Fund, RiverVest Venture Partners, and Lightchain, also participated in the round. In connection with the financing, Joy Ghosh, Ph.D., Senior Research Analyst at Eventide Asset Management, Eric Pham, Ph.D., Associate at Cowen Healthcare Investments, and Joe Biller, Managing Director at 3×5 Partners, will join the Company’s Board of Directors.
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"This financing enables the clinical progress of our differentiated anti-CD47 product candidate AO-176, currently in Phase 1/2 clinical trials for solid tumors, both as a monotherapy and in combination with paclitaxel, and multiple myeloma. Looking forward, we plan to expand the AO-176 clinical program to include a combination trial with pembrolizumab (KEYTRUDA) in solid tumors, and a combination trial with standard therapies in multiple myeloma. We will also explore other indications and combinations consistent with our novel mechanisms of action," said Laurence Blumberg, M.D., President and Chief Executive Officer of Arch Oncology. "The quality of our new and existing investors is a testament to this pipeline and our mission on behalf of patients with cancer who need better therapeutic options."
AO-176 is an anti-CD47 IgG2 antibody in Phase 1/2 clinical trials for the treatment of patients with select solid tumors and with hematologic malignancies, both as monotherapy and in combination with standard therapies. AO-176 works by blocking the "don’t eat me" signal enabled by CD47’s interaction with SIRPa and inducing phagocytosis. It has a unique combination of features, positioning it to improve upon the safety and efficacy profile among anti-CD47 antibody therapies including: lower binding to normal cells in general and negligible binding to red blood cells; enhanced binding to CD47 in acidic environments found in tumors; and induction of programmed and immunogenic cell death.
"Arch Oncology’s highly differentiated approach to the development of anti-CD47 agents is a promising development in the immuno-oncology space," said John McKearn, Ph.D., Managing Director, RiverVest Venture Partners and Chairman of the Board of Arch Oncology. "We look forward to continuing to support the Company as it develops and advances its robust pipeline of promising drug candidates, including a broad clinical program for AO-176."