Healthcare Industry News: Aduro BioTech
News Release - April 20, 2011
Aduro BioTech Completes $19.25 Million Series B FinancingBERKELEY, Calif.--(Healthcare Sales & Marketing Network)-- Aduro BioTech, a clinical-stage immunotherapy company, announced today that it has completed its Series B equity financing from a combination of current investors and Morningside Ventures, bringing the total capital secured in this round to $19.25 million. In addition, Ms. Stephanie O’Brien, who represents Morningside, has joined Aduro’s Board of Directors.
“This new round of funding enables us to advance our lead cancer vaccine, CRS-207, into a Phase 2 clinical trial in pancreatic cancer,” said Stephen Isaacs, chairman and chief executive officer of Aduro. “In addition, these funds will support initial clinical development of CRS-207 for other indications and preclinical development of therapeutic vaccines for prostate cancer and melanoma as well as prophylactic vaccines for malaria and tularemia.”
Aduro previously reported results from a Phase 1 clinical trial of CRS-207 in 17 late-stage cancer patients with life expectancies of only 3-5 months. Six out of 17 patients survived for 15 months or longer after receiving their first vaccine dose.
Ms. O’Brien has extensive experience working with venture-backed life science and technology companies. She focuses on early-stage companies, working with chief executive officers on building the management team and developing business plans. She currently serves on several private company boards. She received her A.B., cum laude, from Harvard College and her J.D. from New York University School of Law.
“Morningside is pleased to join Aduro’s current investors in support of the company as it advances its lead compound into Phase 2 clinical trials,” said Ms. O’Brien. “Aduro is developing a new-generation platform technology within the rapidly evolving field of cancer immunotherapy. While the lead application is pancreatic cancer, the platform has a broad range of potential applications.”
About Aduro BioTech
Aduro BioTech is a clinical-stage immunotherapy company with a platform technology for therapeutic and prophylactic vaccines for cancer and infectious diseases. The platform of attenuated and targeted vaccines based on Listeria monocytogenes has been in development for nine years and has been validated by more than 20 major publications and more than $20 million in federal and private grant and contract funding. The company’s lead therapeutic, CRS-207, is in clinical development for the treatment of mesothelin-expressing tumors, including pancreatic and non-small-cell lung cancer, and has completed Phase 1.
Morningside is a diversified investment group founded in 1986 by the Chan family of Hong Kong. It is engaged primarily in private equity and venture capital investments. The group has investments in North America, Europe, across Asia-Pacific, and since 1992, in Mainland China. Morningside is an active investor in early-stage life science companies formed around new technologies which represent a high degree of novelty over existing technologies. More information is available at www.morningside.com.
Source: Aduro BioTech
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