Anbogen Therapeutics Announces Completion of A+ Round Financing to Advance ABT-301 Phase II Clinical Trial
TAIPEI, July 1, 2024 /PRNewswire/ -- Anbogen Therapeutics, Inc., a clinical-stage company dedicated to developing breakthrough cancer therapies, has announced the successful closing of a USD 7.3M oversubscribed A+ round financing, which is a direct continuation of the USD 12.5 Million Series A on 1st February, 2024, bringing the total raised to USD 19.8M. The funds from the A+ round will be specifically used to advance the Phase II clinical trial of ABT-301. The financing round was led by KGI Venture Capital and both new and existing investors.
The capital raised in the A+ round will primarily be used to support the Phase II clinical trial of ABT-301 in combination with PD-1 inhibitors for treating microsatellite stable (MSS) metastatic colorectal cancer, which accounts for 95% of the metastatic colorectal cancer population that does not benefit from immune checkpoint inhibitors. Previous preclinical studies have repeatedly showed that ABT-301, when combined with immune checkpoint inhibitors, exhibits remarkable synergistic therapeutic effects in various solid tumor models, including subcutaneous xenograft and orthotopic models of colorectal cancer, liver cancer, triple-negative breast cancer, and head and neck cancer.
Given these promising results, Anbogen decided to proceed with the A+ round of financing to secure the necessary funds for ABT-301's clinical trial, without impacting the ongoing Phase II development of ABT-101.
Leveraging ABT-301's compelling immunomodulatory and synergistic effect combined with PD-1 treatment that Anbogen has observed, we have successfully engaged pharmaceutical companies who will agree to enter PD-1 drug-supply agreement with Anbogen. This collaboration will enable Anbogen to optimize its resource allocation and underscores the strong recognition of both ABT-301 and Anbogen.
"We are deeply grateful to our investors for their continued support and confidence in our mission," says Dr. Tsu-An Hsu, CEO of Anbogen Therapeutics. "This funding is crucial for the advancement of ABT-301 combo with immune checkpoint inhibitors treating solid tumors, and it validates our ongoing efforts to bring effective cancer treatments to patients in need."
About Anbogen:
Anbogen is a clinical-stage biotechnology company dedicated to developing precision anti-cancer drugs and is committed to R&D innovations to improve the lives of cancer patients around the world. The company was founded by Dr. Joe Shih, in response to the national science and technology policy. The team has years of experience in new drug development while working at the National Health Research Institutes or biopharma companies.
Two of its drugs, ABT-101 for non-small cell lung cancer (NSCLC) with HER2 exon20 insertion mutations and ABT-301(combine with immune checkpoint inhibitors) for metastatic colorectal cancer, are currently in human clinical trials. For more information, please visit Anbogen's official website (www.anbogen.com).
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