September 9, 2024
In August, several notable biopharma companies secured substantial funding rounds, collectively raising around $1.2 billion. These funds are poised to drive the development of promising treatments across various indications and modalities.
Here, we delve into the details of some of the most significant fundraises, highlighting the companies, their innovative approaches, and the potential impact on patient care.
Outpace Bio and ArsenalBio: Enhancing CAR-T Cell Therapy for Solid Tumors
Outpace Bio, a Seattle-based cell therapy company, raised $144 million in a Series B financing round led by RA Capital Management. The company is leveraging AI-powered protein design to enhance immune cells performance in patients battling solid tumors.
Their lead therapy, OPB-101, is a mesothelin-specific chimeric antigen receptor (CAR) T cell designed to work better against solid tumors like ovarian and other cancers. Existing cell therapies have worked well against blood cancers, but shown limited responses in treating solid tumors.
Outpace Bio is on track to receive FDA clearance for its investigational new drug (IND) application to begin clinical studies of OPB-101 in patients with advanced platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer. Clinical trials are expected to begin in 2025.
Another cell-therapy related fundraise came last week: ArsenalBio raised a massive $325 million round as they improve their synthetic biology platform for cell-therapy to address kidney and prostate cancer.
Borealis Biosciences: Harnessing xRNA for Kidney Diseases
Borealis Biosciences, an independent, discovery-stage biotechnology based in Vancouver, secured a $150 million Series A financing to develop next-generation xRNA-based medicines for kidney diseases. Novartis and Versant Ventures formed Borealis Biosciences through a three-part deal involving divestment, collaboration, and investment. As part of the agreement, Novartis committed up to $100 million upfront, plus near-term research funding. Novartis also has the option to acquire two programs from Borealis for up to $750 million in total.
Novartis' xRNA technology modulates disease-causing proteins by targeting the body’s natural mRNA. Borealis capitalizes on the success of Chinook Therapeutics, a kidney disease company founded by Versant in 2019 and acquired by Novartis for up to $3.5 billion last year. The Borealis team includes top researchers from Chinook, among additional leaders from the RNA therapeutics field.
Halda Therapeutics: Precision Targeting with RIPTAC Technology
Halda Therapeutics secured $126 million in financing to fund clinical trials of their first-in-class RIPTAC (Regulated Induced Proximity Targeting Chimeras) drug candidates for major solid tumors, such as in breast cancer and prostate cancer. RIPTAC therapeutics are uniquely designed to address cancer's ability to develop resistance mechanisms, which a common limitation of current precision oncology medicines.
RIPTACs are bifunctional small molecules that bind to proteins overexpressed in cancer cells, causing their death while sparing healthy cells — a "hold and kill" mechanism. RIPTACs elicit a stable ternary complex between a target protein selectively expressed in tumor cells, leading to cell death.
Halda Therapeutics plans to initiate its Phase 1 trial in metastatic, castration-resistant prostate cancer (mCRPC) in 2025.
IDRx: Targeting KIT Mutations in GIST
IDRx Inc. raised $120 million in a Series B round to support the ongoing Phase 1/1b StrateGIST 1 study of its lead product candidate IDRX-42, a potent, oral, highly selective KIT inhibitor for KIT-mutant gastrointestinal stromal tumors (GIST).
At the 2024 American Society of Clinical Oncology (ASCO) annual conference, IDRx presented preliminary Phase 1 data from the StrateGIST 1 trial. The data highlight the best-in-class potential of IDRX-42 in patients with GIST. Additionally, the FDA recently granted Fast Track designation and Orphan Drug status to IDRX-42 for the treatment of GIST.
These significant fundraises highlight the continued momentum in the biopharma industry, with companies continuing to leverage cutting-edge technologies and innovative approaches to tackle various indications, including solid tumors, kidney diseases, and rare cancers. As these companies advance their programs through clinical development, their efforts hold the potential to bring transformative treatments to address unmet needs.
