EnGeneIC Completes $10 Million Series B Financing Led by U.S. Institutional Investor
Funds Enable Further Clinical Development of Targeted Cancer Nanotherapies
Company Establishes U.S. Footprint
06 Jan, 2015, 07:33 ET
NEW YORK and SYDNEY, Jan. 6, 2015 /PRNewswire/ -- EnGeneIC, Ltd., an emerging biopharmaceutical company focused on developing its proprietary EDV™ nanocell platform for the targeted delivery of cancer therapeutics, announced it has completed an oversubscribed $10 million Series B financing. The round was led by new investor GRT Capital Partners LLC, a Boston-based institution prominent in the healthcare and energy space, and included participation from other new U.S. and existing investors, as well as Foley Ventures LLC and various partners of Foley & Lardner LLP. In conjunction with the financing, EnGeneIC has established a U.S. base of operations in New York and appointed Anjan Chatterji as Executive Vice President of Corporate Development. Mr. Chatterji will operate out of the Company's New York City office.
EnGeneIC will use the proceeds from the financing to advance the clinical development of its antibody-targeted, EDV™ nanocell technology platform. The company expects to commence a Phase1/2a clinical trial in recurrent glioblastoma patients in mid 2015, which is being planned in conjunction with a premier U.S. hospital, as well as a personalized medicine trial at the Royal North Shore Hospital in Sydney. Additionally, the company will continue funding the Phase 1/2a mesothelioma trial, which is currently enrolling patients in Australia and is expected to announce preliminary safety data in the second quarter of 2015.
Timothy Krochuk, CFA, Co-Founder and Portfolio Manager at GRT Capital Partners, said, "We believe EnGeneIC's novel delivery technology can play an important role in changing the treatment paradigm for highly cytotoxic chemotherapy and functional nucleic acids, as well as improve outcomes by engaging the immune system to target tumors. We are pleased to partner with EnGeneIC at this exciting turning point in its development as the Company advances several programs into the clinic."
Himanshu Brahmbhatt, Ph.D., Joint-CEO of EnGeneIC, said, "We are very pleased to welcome GRT Capital and our other U.S.-based investors at this exciting stage in the company's evolution. We believe this and future validation from sophisticated U.S. institutions will be critical to achieving our clinical goals, including the planned Phase 1/2 brain cancer study we expect to initiate in 2015."
Jennifer MacDiarmid, PhD., Joint-CEO of EnGeneIC, continued, "In parallel, our strategy to expand our presence in the U.S. allows us to manage our lead U.S.-based clinical programs more efficiently, as well as foster our growing relationships with U.S. investors. With that, we welcome the addition of Anjan as our EVP of corporate development. Anjan was instrumental in securing this round of financing and we expect him to be a valuable addition to the EnGeneIC team."
Mr. Anjan Chatterji, MBA, J.D., LL.M., joins EnGeneIC from Foley & Lardner LLP, where he served as the firm's Director of Healthcare Economics. A lawyer by education with more than 10 years of biopharmaceutical business and investment experience, Mr. Chatterji worked with Foley's experts in patent, corporate and regulatory law to innovate and implement novel strategies based on the intersection of law and finance to improve upon traditional life-cycle management, valuations, and general corporate and business development. Mr. Chatterji built this practice with several key partners at Foley & Lardner LLP and it is where his work with EnGeneIC began. Prior to joining Foley, Mr. Chatterji was a successful management and economic consultant, as well as an avid angel investor, in the healthcare space. In addition to his LL.M. from Northwestern University School of Law, Mr. Chatterji holds a J.D. and MBA, as well as a Bachelor of Science from Loyola University Chicago.
About EDV™ Nanocell Technology
EnGeneIC's bacterially-derived EDV™ nanocells are a powerful nanoparticle drug delivery system designed to directly target and effectively kill tumor cells with minimal toxicity, while at the same time stimulate the immune system's natural anti-tumor response.
Intravenously injected EDV™ nanocells exit the leaky vascular system only within tumors and attach to cancer cells via a specially designed, targeted bi-specific antibody. Once attached, the nanocell is able to enter the tumor cell and deliver a drug payload of up to one million drug molecules per nanocell. In parallel, the bacterial cell wall of the nanocells stimulates key components of the immune system, which are then activated to seek out and destroy cancer cells.
About EnGeneIC, Ltd.
EnGeneIC is an emerging biopharmaceutical company focused on developing its proprietary EDV™ nanocell platform for the targeted delivery of cancer therapeutic and other therapeutic molecules. The company's lead technology platform, EDV™ utilizes antibody-targeted, bacterially derived, non-living "nanocells" to release high concentrations of chemotherapeutic agents, molecularly targeted drugs, and RNA-interference molecules directly into targeted tumor cells. In doing so, EDV™ nanocells enable current cancer treatments to be more potent and far less toxic, while also offering a potential new means for treating drug-resistant cancers. EnGeneIC is currently preparing an IND for FDA submission, with plans to launch a Phase1/2a clinical trial in recurrent glioblastoma patients in early 2015. Trials are also in planning stages for breast and non-small cell lung cancer.
For more information please visit www.engeneic.com
Jennifer MacDiarmid, Ph.D.
Joint-CEO and Director
Anjan Chatterji, MBA, J.D., LL.M
EVP Corporate Development
Investor / Media Contacts:
Tiberend Strategic Advisors, Inc.
Joshua Drumm, Ph.D. / Amy S. Wheeler
+1-212-375-2664 / +1-646-362-5750
[email protected] / [email protected]
SOURCE EnGeneIC, Ltd.
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