PPF en SOTIO investeren 6,5 miljoen dollar in MaveriX Oncology en zijn belangrijke programma MVX-5005
- PPF Group, de meerderheidsaandeelhouder van SOTIO, investeert 6,5 miljoen dollar in het kader van de financieringsronde van MaveriX Oncology’s 20 miljoen dollar Serie A.
- SOTIO heeft een optie verkregen om een licentie te verkrijgen en MVX-5005 mede te ontwikkelen in Europa.
- MaveriX komt in aanmerking om tot 138 miljoen dollar aan mijlpaalbetalingen te ontvangen.
- Norbert Prenzel, SOTIO’s Head of Business Development, zal PPF vertegenwoordigen in de Raad van Bestuur van MaveriX Oncology.
PRAAG & PALO ALTO, Californië, (BUSINESS WIRE) – SOTIO, evenals PPF, en MaveriX Oncology, Inc, kondigen vandaag de investering aan van de PPF-Groep in MaveriX Oncology Inc., een privé biotech-biotech-bedrijf met een merkgebonden pijpleiding van doelgerichte, kleine-moleculen-kankerchemomkernchemo-immunotherapeutics. PPF heeft toegezegd om $ 6,5 miljoen te investeren in MaveriX Oncology’s lopende Serie A financieringsronde afhankelijk van belangrijke mijlpalen in de ontwikkeling. In totaal streeft MaveriX naar een financiering van in totaal $ 20 miljoen en de ronde blijft open voor extra investeerders om toe te treden. De opbrengst stelt MaveriX in staat om het leidende programma MVX-5005 van het bedrijf te bevorderen door middel van IND-ondersteunende studies en complete eerste-in-mens klinische fase Ia / Ib-onderzoeken voor de behandeling van solide tumoren ter ondersteuning van klinische proof-of-concept.
PPF and SOTIO Invest $6.5 Million in MaveriX Oncology and its Lead Program MVX-5005
- PPF Group, the majority owner of SOTIO, invests $6.5 million as part of MaveriX Oncology’s $20 million Series A financing round.
- SOTIO obtained an option to license and co-develop MVX-5005 in Europe.
- MaveriX is eligible to receive up to $138 million in milestone payments.
- Norbert Prenzel, SOTIO’s Head of Business Development, will represent PPF on MaveriX Oncology’s Board of Directors.
PRAGUE & PALO ALTO, Calif.–(BUSINESS WIRE)– SOTIO, together with PPF, and MaveriX Oncology, Inc., today announce the investment of PPF Group in MaveriX Oncology Inc., a private biotech company with a proprietary pipeline of targeted, small-molecule cancer chemo-immunotherapeutics. PPF has committed to investing $6.5 million in MaveriX Oncology’s ongoing Series A financing contingent on key development milestones. In total, MaveriX is aiming to secure a total of $20 million in funding and the round will remain open for additional investors to join. The proceeds will enable MaveriX to advance the company’s lead program MVX-5005 through IND-enabling studies, and complete first-in-human Phase Ia/Ib clinical trials for the treatment of solid tumors in support of clinical proof-of-concept. The company will also advance further platform programs to drug candidate selection.
In addition, SOTIO has secured an option to license and co-develop MVX-5005 and related next-generation compounds in Europe, contingent on completion of the first phase I trial. Upon exercise of the option, MaveriX and SOTIO will collaborate and share the costs for development of MVX-5005 and MaveriX will become eligible to receive up to $138 million in development, regulatory and commercial milestones if MVX-5005 is successfully developed in multiple cancer indications in Europe. Further terms on the investment and option to license are not disclosed.
MVX-5005 has been designed to selectively kill cancer cells and eradicate immune suppressive cell subsets known to cause resistance to chemotherapy and immunotherapy. MVX-5005 utilizes a proprietary targeting and activation scaffold, a Small-Molecule Drug Conjugate (SMDC) to improve on the clinical safety and efficacy of a DNA damaging agent which exhibits broad anti-tumor activity including immunomodulatory and immunostimulatory properties. Pre-clinical studies have shown that MVX-5005 exhibits broad single agent anti-tumor activity with a favorable safety profile. MVX-5005 is currently in formal IND-enabling studies. MaveriX anticipates initiating a Phase I clinical study by the end of Q4 2020.
Through the investment, MaveriX will also advance several of its innovative pipeline programs based on the SMDC platform conjugated to other established or novel therapeutics.
Dr. Steven Everett, President and CEO of MaveriX Oncology, said: “We are grateful to the PPF Group for leading the Series A round as we advance our lead program MVX-5005 into the clinic and continue to expand our differentiated SMDC platform. The strong support of PPF and SOTIO enables us to achieve our next step of growth as we aim to quickly bring new and improved treatment options to patients that suffer from cancer.”
Dr. Daniel Von Hoff, Physician in Chief and Distinguished Professor at the Translational Genomics Research Institute (TGen) in Phoenix, Arizona, said: “The preclinical data of the lead program of MaveriX is encouraging. Overcoming some of the limitations of current chemotherapy as exemplified by MVX-5005 has great potential across many solid tumors. Together with our experts at TD2, we are very pleased to support development efforts of MaveriX to bring better cancer treatments to patients in need.”
Dr. Radek Špíšek, Chief Executive Officer of SOTIO, said: “We believe that the MaveriX SMDC technology approach enables the selective delivery of potent anti-cancer agents directly to tumors. A depleting effect of MVX-5005 on the immunosuppressive cells in the tumor microenvironment represents an additional mechanism of action and indicates that MVX-5005 might act as an efficient chemo-immunotherapy. We are very much looking forward to supporting MaveriX in its efforts to build an innovative oncology company developing first-in-class anticancer agents.”
As part of the agreement, Dr. Norbert Prenzel, Head of Business Development and Licensing of SOTIO, will join the board of directors of MaveriX Oncology Inc.
Please find the full release online at: https://www.sotio.com/news-publications/news.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191014005287/en/
Contacts
Richard Kapsa
Head of Communications
SOTIO a.s.
T: +420 224 174 448
M: +420 603 280 971
Christi Waarich
Communication representative of MaveriX Oncology, Inc.
Senior Director, IR, MacDougall
T: +1(781) 591-3443
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