On October 30, 2017 Heat Biologics, Inc. ("Heat") (NASDAQ: HTBX), a biopharmaceutical company developing drugs designed to activate a patient’s immune system against cancer, reported that its subsidiary, Pelican Therapeutics, Inc. ("Pelican"), received the second tranche in the amount of $6.5 million of its $15.2 million Cancer Prevention and Research Institute of Texas (CPRIT) grant award (Press release, Heat Biologics, OCT 30, 2017, View Source [SID1234521298]). To-date, Pelican has received an aggregate of $8.3 million in grants from CPRIT.

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The CPRIT award supports the pre-clinical development, manufacturing and clinical development of a 70-patient Phase 1 clinical trial for PTX-35, the company’s lead asset. PTX-35 is a novel co-stimulatory monoclonal antibody against TNFRSF25, an emerging co-stimulatory receptor on T-cells. PTX-35, in combination with checkpoint inhibitors and other immunotherapy agents, has the potential to improve clinical responses for a broad range of patients by expanding the population of antigen-specific "memory" CD8+ T-cells – the immune cells critical in tumor eradication.

"We believe these funds will enable us to progress our manufacturing efforts and advance our pipeline, with the goal of addressing the unmet need for patients who don’t respond well to current cancer therapy," said Rahul Jasuja, Ph.D., CEO of Pelican.