On November 13, 2018 Kleo Pharmaceuticals Inc., an immuno-oncology company pioneering a new class of bi-specific, small molecule compounds designed to emulate or enhance biologics against cancer, reported the closing of an oversubscribed $21 million Series B financing to advance its first clinical candidates through IND-enabling studies and into the clinic in 2020 (Press release, Kleo Pharmaceuticals, NOV 13, 2018, View Source [SID1234531411]). The financing was led by the company’s development partner, PeptiDream, Inc., (TOKYO:4587), with participation from current strategic investor Biohaven Pharmaceuticals Inc. (NYSE:BHVN).
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Kleo’s lead candidates are based on the Company’s modular Antibody Recruiting Molecules (ARMs) technology, which enables Kleo’s compounds to bind at one end to specific targets on cancer cells and to the body’s endogenous antibodies. This unique approach redirects the activity of any ARM-bound antibody against the cancer cells without inhibiting the antibody’s native function. In parallel, Kleo is continuing to advance its two additional immuno-oncology therapy platforms, including its Synthetic Antibody Mimics (SyAMs) and Monoclonal Antibody Therapy Enhancers (MATEs).
Douglas Manion, CEO of Kleo Pharmaceuticals, said, "Successful completion of this financing represents an important step in the translation of our groundbreaking approach into therapies that may improve patients’ lives. Having improved the modularity of our platforms and expanded the applicability of our ARMs to recruit antibodies to target cancer cells, we are now well funded to advance our first next-generation candidates into human clinical studies. We are excited to welcome our development partner PeptiDream to our community of investors, and we’re humbled by the continued support of our founding investor Biohaven."
Patrick Reid, CEO of PeptiDream, stated, "We have worked with Kleo since July 2017 and we are impressed by the scientific progress they have made in validating their technology platforms. We are enthusiastic about the robust pipeline they are building from all three of their unique immunotherapy platforms and we are very happy to be a part of it, both as a strategic partner and now as an investor. We believe Kleo’s clinical candidates represent a paradigm shift in immuno-oncology development that elegantly delivers the therapeutic power of highly complex bi-specific antibodies, but in a more simple, less costly, and potentially more beneficial manner. When combined with PeptiDream’s robust discovery platform, we expect Kleo to generate many novel drug franchises that can bring incredible value for patients suffering from cancer."