OncoResponse raises $ 40.6 million in Series C funding
– New capital will finance the main antibody, OR2805, through phase 1 and 2 clinical studies
– Adds Magnetar Group, Yonjin Ventures and Bering Capital to the syndicate
SEATTLE, March 31, 2021 (GLOBE NEWSWIRE) – OncoResponse, a biotechnology company harnessing the power of the human immune system to identify and develop novel monoclonal antibodies against immunosuppressive myeloid targets for cancer immunotherapy, today announced it has raised $ 40.6 million in Series C funding. Proceeds will be used to advance the company’s lead antibody, OR2805, in the clinical development of multiple tumor types and fund a pipeline of preclinical assets for IND .
OncoResponse’s drug candidates are derived from a proprietary screening technology platform that uncovers antibodies from the immune system of patients who have responded exceptionally well to cancer immunotherapies. OncoResponse has developed a pipeline of antibodies that modulate immune cells in the tumor microenvironment (TME) and have been shown to enhance immune activation and promote tumor destruction in vitro and in vivo.
The funding was led by members of the Magnetar Group with the participation of additional new investors Yonjin Venture and Bering Capital as well as existing investors RiverVest Venture Partners, Qatar Investment Authority (QIA), Redmile Group, 3B Future Health Fund (Helsinn Investment Fund ), Canaan Partenaires and ARCH Venture Partners.
As part of the funding, Ted Koutouzis, MD of Magnetar Group, Daguang Wang, PhD of Yonjin Venture and Patrick Joseph Hojlo of Qatar Investment Authority will join the board of directors of OncoResponse.
“We are delighted to welcome these new investors to our Series C fundraiser which will fund our programs through significant value inflection points,” said Clifford J. Stocks, CEO of OncoResponse. “Our main antibody, OR2805, was derived from a cancer patient who had an exceptional response to anti-PD-1 therapy and relieves the immunosuppressive effect of macrophages found in TME to promote tumor destruction by cells. T. We will begin clinical studies on several types of tumors later this year. “
“We are very pleased to join the OncoResponse union to advance cancer immunotherapies emanating from this unique discovery platform. Commented Ted Koutouzis, MD, Managing Director of Affiliate Group at Magnetar.
OncoResponse, Inc., an immuno-oncology-focused biotechnology company, in a broad strategic alliance with the MD Anderson Cancer Center, uses a proprietary B-cell technology platform to harness patients’ immune systems cancer patients who have responded to cancer immunotherapy in order to discover new targets and antibodies and to develop therapeutic monoclonal antibodies to treat cancer. OncoResponse is focused on the discovery and development of fully human antibodies intended to modulate the immunosuppression of the tumor microenvironment in order to increase response rates and provide more treatments for cancer patients. OncoResponse, Inc. is a private company backed by investments from MD Anderson Cancer Center, Magnetar Group, Yonjin Venture, Bering Capital, Rivervest Venture Partners, Qatar Investment Authority, Redmile Group, ARCH Venture Partners, GreatPoint Ventures, 3B Future Health Fund ( Helsinn Investment Fund), Canaan Partners, Baxalta Ventures, Buchang Pharma, Alexandria Real Estate Equities and William Marsh Rice University. For more information, please visit: www.oncoresponseinc.com.