SOUTH SAN FRANCISCO, Calif. (PRWEB) May 04, 2018
OncoSynergy, an oncology therapeutics spinout from UCSF and current resident of the prestigious JLABS South San Francisco incubator, announced that it has closed a Series A equity round led by Connecticut Innovations (CI) with participation by the current shareholders, including NLabs, Inc., and Korea Information & Communication Co., Ltd. The venture financing will be used to accelerate their lead program, OS2966, to the clinic for the treatment of glioblastoma, the most common and deadliest primary brain tumor in adults.
OncoSynergy has developed a new class of oncology therapeutics called Resistance Mechanism Inhibitors (RMIs). RMIs feature multiple simultaneous mechanisms of action, synergy in combination with other treatments, including immunotherapies in preclinical models, and can potentially be used to treat many types of solid and hematological cancers. The FDA has granted two Orphan Drug Designations for OS2966, the lead RMI program, including in the treatment of glioblastoma.
The planned clinical trial is a strategic alliance with Infuseon Therapeutics, a medical device spinout of the Cleveland Clinic.
“We are very pleased to fund OncoSynergy’s highly innovative OS2966 program toward the clinic,” commented Amanda Hayward, PhD, Managing Director of Venture Capital Investments at CI. “Glioblastoma remains a major unmet need, and we believe RMIs have the potential to be a game-changer not only in brain cancer, but in oncology more broadly.”
Jean Pierre Bizzari, MD, former Global Head of Oncology at Celgene and member of the OncoSynergy Advisory Board, concurred, saying, “I strongly believe OncoSynergy’s OS2966 RMI program represents a major advance toward providing durable outcomes for cancer patients.”
OncoSynergy will be relocating its headquarters to Connecticut and expanding its team in anticipation of its first clinical trial in 2019.
“We are grateful for the immense support of Amanda Hayward and the entire CI team and look forward to building OncoSynergy into a leading clinical stage biopharma company,” said W. Shawn Carbonell, MD, PhD, Founder and CEO at OncoSynergy. “As physicians, the founding team of OncoSynergy are absolutely thrilled to be able to bring OS2966 from the lab bench to patients for the first time.”
Oncosynergy is a UCSF spinout with primary operations in JLABS @ SSF, California. The company was founded in 2011 to provide solutions for treatment-resistant cancer through the development of a new class of oncology therapeutics, called Resistance Mechanism Inhibitors (RMIs). RMIs are unique multi-action, tumor-agnostic drug platforms that have shown preclinical promise as monotherapy and in strategic combinations. The lead RMI drug candidate, OS2966, is on track for Phase I clinical trials. To learn more, please visit [http://www.OncoSynergy.com.
About Connecticut Innovations:
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize growth potential, CI provides venture capital and strategic support for early-stage technology companies; financial support for innovation and collaboration; and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.