Actuate Therapeutics Completes $21.7 Million Series B Financing
Proceeds will fund expansion of the company's ongoing Phase 1 / 2 clinical trial and development programs
CHICAGO and FORT WORTH, Texas, May 16, 2019 /PRNewswire-PRWeb/ -- Actuate Therapeutics, Inc., a clinical stage biopharmaceutical company, today announced it has raised $21.7 Million in a Series B financing round. The Series B is led by Kairos Ventures, with DEFTA Partners, Tech Coast Angels, and existing investors, Bios Partners, participating.
Actuate will use the proceeds of the financing to expand the company's ongoing Phase 1 / 2 clinical trial and fund development programs. "We are quickly advancing the 1801 clinical trial of 9-ING-41 in adult cancer patients in the US. The financing allows us to expand the 1801 clinical trial out to our world-leading oncology research institution network in the US and Europe; to initiate Investigator Initiated Trials being developed with our physician/scientist collaborators; and to advance our pediatric neuroblastoma program" said Daniel Schmitt, President & CEO of Actuate.
Earlier this year at Brown University/Rhode Island Hospital, the first patient was treated in the Actuate 1801: Phase 1/2 Study of 9-ING-41, a Glycogen Synthase Kinase-3 Beta (GSK-3β) Inhibitor, as a Single Agent and Combined with Chemotherapy, in Patients with Refractory Hematologic Malignancies or Solid Tumors (https://clinicaltrials.gov/ct2/show/study/NCT03678883).
The 1801 study is now actively recruiting patients at the following institutions:
- Brown University Rhode Island Hospital - Providence, RI
- UCSF Helen Diller Family Comprehensive Cancer Center - San Francisco, CA
- Miami Cancer Institute - Miami, FL
- Mayo Clinic - Rochester, MN
- Sanford Research - Sioux Falls, SD
"We continue to have a dynamic and productive collaboration on the 1801 study with global leaders in the oncology field," said Dr. Frank Giles, Actuate's Chief Medical Officer. "Their appreciation of, and involvement in, the very meticulous design of the study, based on the safest conduct that will facilitate the generation of clear data on 9-ING-41, is reflected in the robust study patient accrual we have experienced to date. Our collaborations with expert colleagues on the development of Investigator Initiated Trials will rapidly expand our knowledge beyond that derived from the 1801 study, and these studies are a high priority for us. We are also focused on using the initial 1801 study data to inform the design of 9-ING-41 regimens for children and adolescents with refractory tumors, with an initial focus on neuroblastoma, where 9-ING-41's pre-clinical activity is noteworthy."
About Kairos Ventures
Kairos Ventures invests early, often during the formative stages of a company, and works closely with the world's leading scientists to commercialize their technologies. Depending on the stage of development and the capital requirements of each venture, they make investments between $150,000 and $20 Million. While Kairos Ventures is hands-on they also recognize that it is the entrepreneurs' sweat, hard work and perseverance that will drive the growth of their companies. They strive to ensure that the founding team, who make the early sacrifices in pursuit of their venture, retain the majority of the ownership in their companies. In addition to providing early-stage capital, Kairos Ventures leverages their expertise and extensive network of professionals specializing in all disciplines required to build a successful company, including legal, finance, marketing, operations, business development and HR. They provide these services to early stage companies in their portfolio to allow the entrepreneurs to focus their energy on continuing to innovate and pushing the envelope in their respective fields.
About Bios Partners
Bios Partners is a venture capital firm focused on investing in early-stage biopharmaceutical and medical device companies. Founded in 2014 and based in Fort Worth, TX, the firm utilizes an experienced team of industry professionals to actively collaborate with its investment portfolio companies and enhance stakeholder value. For more information, please visit http://www.biospartners.com.
About DEFTA Partners
DEFTA Partners is a global venture capital firm founded in 1985, which is headquartered in San Francisco and Tokyo. It invests in early stage, high potential companies that have the capacity to transform the IT and health technologies sectors. Over the past thirty years DEFTA has supported the growth of more than a hundred early stage companies throughout the US, Japan, Israel, the UK, and in emerging countries, with many successful exits. For more information, visit: http://www.deftapartners.com.
About Tech Coast Angels
Tech Coast Angels is the largest angel investor group in the United States. Its members provide funding and guidance to more early-stage, high-growth companies in Southern California than any other investment group. TCA members invest in companies in a wide range of industries, including the life sciences, biotech, IT, services, retail, Internet, financial, software, media, consumer products and tech startups. TCA members give companies more than just capital; they also provide counsel, mentoring and access to an extensive network of potential investors, customers, strategic partners and management talent. TCA has more than 400 members, including its venture capital affiliates, in five networks in Los Angeles, Orange County, San Diego, Central Coast and the Inland Empire. More information on investment with Tech Coast Angels can be found at http://www.techcoastangels.com , http://www.facebook.com/techcoastangels or http://www.twitter.com/techcoastangels.
About Actuate Therapeutics, Inc.
Actuate is a clinical stage pharmaceutical company focused on the development and commercialization of novel therapeutic agents for patients with cancer or inflammatory diseases. For additional information, please visit the Company's website at http://www.actuatetherapeutics.com
SOURCE Actuate Therapeutics
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