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Versant Ventures Raises $950 Million Across Three Vehicles

On April 21, 2021 Versant Ventures reported $950 million in additional capital allocated across a platform of three separate vehicles (Press release, Versant Ventures, APR 21, 2021, View Source [SID1234578394]). These included Versant Venture Capital VIII, a $560 million primary global biotech fund; Versant Voyageurs II, a $140 million booster fund; and Versant Vantage II, a $250 million later-stage opportunity fund.

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All three funds exceeded their initial targets and were heavily oversubscribed. The capital from existing investors and a select number of new top-tier limited partners will support Versant’s highly successful biotech investment strategy and portfolio construction model.

Versant Venture Capital VIII – primary global biotech fund

Fund VIII closed at $560 million and will be allocated to 20 or more biotechnology start-ups in the U.S., Canada and Europe. These newcos will be focused on translating breakthrough innovation into the next generation of therapeutics targeting the most important unmet medical needs. The emphasis will be placed on building sustainable companies that follow business models with dual paths to liquidity.

The fund will be deployed by the same team and will follow the same investment strategy that is consistently producing outlier returns. More specifically, Versant’s three predecessor funds are currently demonstrating top decile performance across the venture industry.

"The pace of scientific discovery and technology development in the healthcare sector continues to accelerate, including advances in engineering new cell and gene therapies, developing the next generation of antibodies and therapeutic proteins, and even conceiving novel small molecule constructs for previously intractable targets in the human proteome," said Brad Bolzon, Ph.D., chairman and managing director of Versant. "These innovations are at the heart of our investment model."

Versant expects the majority of Fund VIII portfolio companies to be created de novo by working directly with talented entrepreneurs or through the firm’s existing Discovery Engines that support about 60 scientists working in wet labs across North America and Europe.

Versant Voyageurs II – strategic booster fund

Versant Voyageurs II closed at $140 million and will co-invest with Fund VIII in a select number of Series A opportunities that show early potential to be breakout companies.

"During the course of constructing any given portfolio, we inevitably generate a select number of deals showing exceptional potential from the outset," said Dr. Bolzon. "In these circumstances, we now have the ability to access additional Versant capital beyond our typical Series A investment allocations to increase momentum."

Rather than extend Versant’s main fund and jeopardize reserves planned for other valuable portfolio companies, the Voyageurs II capital will be available to participate alongside those specific Series A rounds. Thus, Voyageurs II will serve as a booster fund for a handful of select deals.

Versant Vantage II – strategic opportunity fund

Versant Vantage II closed at $250 million and will primarily invest in Series B or later rounds of existing Versant portfolio companies that are nearing a liquidity event.

The remit of Vantage II is similar to its predecessor fund, Versant Vantage I, which was designed to provide later-stage investment opportunities in portfolio companies believed to be within 12 months of an exit.

"Vantage I launched in March 2019 and has exceeded expectations. Of the fund’s 15 later-stage commitments, there already are 11 liquid companies with an average time to IPO or M&A event of about six months," noted Dr. Bolzon. "We expect similar outcomes from Vantage II, which already has a deep lineup of potential Versant companies in which to invest."

Managing directors leading investments for the new funds include Dr. Bolzon, Jerel Davis, Ph.D., Alex Mayweg, Ph.D., Clare Ozawa, Ph.D., and Tom Woiwode, Ph.D.

NeuBase Therapeutics Announces Proposed Public Offering of Common Stock

On April 21, 2021 NeuBase Therapeutics, Inc. (Nasdaq: NBSE) ("NeuBase"), a biotechnology company accelerating the genetic revolution with a new class of precision genetic medicines, reported that it has commenced an underwritten public offering of shares of common stock (Press release, NeuBase Therapeutics, APR 21, 2021, View Source [SID1234578365]). The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. In addition, NeuBase intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the public offering on the same terms and conditions. All of the shares of common stock in the offering will be sold by NeuBase.

RBC Capital Markets, Oppenheimer & Co. Inc. and Chardan are acting as the joint book-running managers for the offering, and National Securities Corp. is acting as a co-manager.

NeuBase intends to use the net proceeds from the offering for general corporate purposes, working capital and development of its product candidates and pipeline expansion.

The securities described above will be offered by NeuBase pursuant to an effective "shelf" registration statement on Form S-3 (File No. 333-254980) previously filed with the Securities and Exchange Commission (the "SEC") on April 1, 2021 and declared effective by the SEC on April 14, 2021. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the offering will be filed with the SEC. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by visiting the SEC’s website at www.sec.gov or by contacting RBC Capital Markets, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281, or by telephone at (877) 822-4089 or by e-mail at [email protected], Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8055 or by e-mail at [email protected], or Chardan, 17 State Street, 21st floor, New York, New York 10004, by telephone at (646) 465-9032 or by e-mail at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

PerkinElmer Supports PROXIDRUGS Consortium Aimed at Advancing Targeted Protein Degradation/PROTAC Drugs

On April 21, 2021 PerkinElmer, Inc., a global leader committed to innovating for a healthier world, reported that it is serving as a provider and co-developer of assays, instrument solutions and expertise for the PROXIDRUGS Consortium which is zeroing in on research for proximity drugs or PROTACs (PROteolysis Targeting Chimeras) (Press release, PerkinElmer, APR 21, 2021, View Source [SID1234578345]). PROTACs are a new class of drugs that take advantage of the body’s own cell protein recycling system to fight disease by tapping into the 80% of disease-relevant proteins that are currently untargeted by today’s available therapeutics. Led by Goethe University in Frankfurt, Germany, the Consortium includes researchers from the Technical University of Darmstadt, the Fraunhofer Institute for Translational Medicine and Pharmacology, and global pharmaceutical companies based in Frankfurt’s Rhine-Main region.

The research project, starting October 2021, aims to streamline novel drug target validation by putting disease-relevant proteins in close proximity with key enzymes (such as E3 ligases) so that they can be marked for destruction and recycled by the cells’ natural shredding capabilities.

To help in these efforts, PerkinElmer will provide the consortium with no-wash AlphaLISA and HTRF immunoassay technologies and expertise in protein labeling as well as assay design; EnVision multimode plate readers; high content imaging technologies such as the Opera Phenix and Operetta CLS platforms; and data analysis and informatics tools like TIBCO Spotfire software. These PerkinElmer offerings will give PROXIDRUGS scientists a highly sensitive and accelerated discovery platform with rich data delivery and high throughput for both live and dead cell research.

Commenting on this groundbreaking research and collaboration, Alan Fletcher, SVP of Life Sciences at PerkinElmer said, "With only 20% of disease-relevant proteins currently being targeted by classical, small molecule drugs, new research approaches, such as PROTAC drug discovery, hold immense and exciting potential. We are delighted to be able to contribute our expertise and technologies to assist in the innovative work of the PROXIDRUGS Consortium as it seeks new ways to help unlock and tackle the vast majority of proteins behind widespread diseases such as cancer, neurological disorders, and cardiovascular, inflammatory and infectious conditions."

The PROXIDRUGS consortium is led by Ivan Đikić of Goethe University Frankfurt who also commented on the importance of forming alliances across organizations to help advance novel drug discovery and development, "Successful translation of biomedical research requires strong collaboration and convergence of industry and academic expertise. Our work with PerkinElmer within the PROXIDRUGS consortium is a good example of that. PerkinElmer’s expertise and innovation in assay development is of utmost importance and will help to create new insights for our discovery efforts."

The PROXIDRUGS Consortium was recently selected for funding by the German Federal Ministry of Education and Research as part of a highly competitive "Clusters4Future" competition.

Sermonix Pharmaceuticals Project With Huntsman Cancer Institute Researcher to Investigate Potential Effects of Lasofoxifene on ESR1 Mutations in Endometrial Cancer

On April 21, 2021 Sermonix Pharmaceuticals Inc., a privately held biopharmaceutical company developing innovative therapeutics to treat ESR1-mutated metastatic breast and gynecological cancers, reported a preclinical collaboration with researcher Jay Gertz, Ph.D., to examine the potential effects of lasofoxifene, Sermonix’s lead investigational drug, on endometrial cancer (Press release, Sermonix Pharmaceuticals, APR 21, 2021, View Source [SID1234578341]).

The project will investigate the effects of lasofoxifene on unique models of endometrial cancer that carry ESR1 mutations. Lasofoxifene has shown novel activity in ESR1 mutations, and Sermonix is currently enrolling patients in two Phase 2 Evaluation of Lasofoxifene in ESR1 Mutations (ELAINE) studies within the breast cancer arena.

"Sermonix is committed to exploring ESR1 mutations across gynecological tumor types and examining lasofoxifene’s potential to serve the unmet medical needs of more women fighting cancer," said Barry Komm, Ph.D., chief scientific officer of Sermonix. "The unique ESR1 model system is state-of-the-art for this exploration and Dr. Gertz is an esteemed partner with whom it is an honor for Sermonix to collaborate."

Dr. Gertz is a cancer researcher at Huntsman Cancer Institute and associate professor of oncological sciences at the University of Utah. His lab studies how transcription regulation is altered in cancer with a particular focus on the roles of steroid hormone signaling in endometrial and breast cancers.

"The Gertz Lab has a major emphasis in advancing the study of new drugs for endometrial cancer, an aggressive disease with limited treatment options," said Dr. Gertz. "We look forward to learning more about the efficacy of lasofoxifene in the context of ESR1-mutated endometrial cancer."

About Lasofoxifene
Lasofoxifene is an investigational, nonsteroidal selective estrogen receptor modulator (SERM), which Sermonix licensed globally from Ligand Pharmaceuticals Inc. (NASDAQ: LGND) and has been studied in previous comprehensive Phase 1-3 non-oncology clinical trials in more than 15,000 postmenopausal women worldwide. Lasofoxifene’s bioavailability and activity in mutations of the estrogen receptor could potentially hold promise for patients who have acquired endocrine resistance due to ESR1 mutations, a common finding in the metastatic setting and an area of high unmet medical need. Lasofoxifene’s novel activity in ESR1 mutations was discovered at Duke University and Sermonix has exclusive rights to develop and commercialize the product in this area. Lasofoxifene, a potent, oral SERM could, if approved, play a critical role in the targeted precision medicine treatment of advanced ER+ breast cancer.

Bladder cancer study results accepted for publication in Nature Communications

On April 21, 2021 Hamlet Pharma reported that the report of the phase I/II bladder cancer trial has been accepted for publication in Nature Communications; a leading international journal (Press release, HAMLET Pharma, APR 21, 2021, View Source;utm_medium=rss&utm_campaign=bladder-cancer-study-results-accepted-for-publication-in-nature-communications [SID1234578330]).

The paper is entitled "Bladder cancer therapy using a conformationally fluid tumoricidal peptide complex" and has been accepted for publication in Nature Communications. The Nature journals are extremely competitive and only accept innovative science of highest quality and with significant interest for a discerning audience. The journals are widely read, with a high impact.

The paper analyses the structure of the Alpha1H complex, characterizes its tumor killing effects and describes the successful clinical trial of Alpha1H in patients with bladder cancer. A detailed analysis of primary and secondary end points is provided and differences between the Alpha1H treated patients and the placebo group are described for several crucial efficacy variables. Alpha1H triggered significant shedding of tumor cells in patients, who received the treatment (p< 0.0001 compared to the placebo group) and reduced the tumor size (p<0.04), illustrating its potent effects.

The treatment is also shown to be safe, as no drug-related side effects were observed. The publication offers interested readers a detailed understanding of the molecular properties and promising clinical effects, inspiring further development of Alpha 1H as a new potential drug for patients with bladder cancer.

"Publishing in Nature journals is an important quality stamp and an excellent way to spread the news of our clinical advances" says Catharina Svanborg, founder, CMO and chairman of the board of Hamlet Pharma Ltd.

"This is a very important milestone, inspriring us to continue the clinical development of Alpha1H with full speed" says Mats Persson, CEO of Hamlet Pharma Ltd.