Healthcare Industry News: Cytogen
News Release - January 5, 2015
Aduro Biotech Closes $51.4 Million Series D FinancingInvestment for Expansion of Research and Clinical Development of Aduro’s Immuno-Oncology Technology Platforms
BERKELEY, Calif.--(Healthcare Sales & Marketing Network)--Aduro Biotech, Inc., a clinical-stage immuno-oncology company, today announced the closing of a $51.4 million Series D preferred stock financing. Eleven new investors participated in the round, including OrbiMed , Janus Capital Management LLC, funds managed by Franklin Advisers, Inc., Jennison Associates LLC (on behalf of certain clients), Foresite Capital Management LLC, certain private investment funds advised by Clough Capital Partners L.P., and other healthcare investors. The Morningside group and certain of the company’s existing investors also participated in the financing. Leerink Partners LLC acted as the exclusive placement agent for the financing.
The Series D brings the total capital raised by Aduro in 2014 to $106.4 million. The company plans to use the funding for the continued advancement of its pipeline of immuno-oncology product candidates, including its lead immuno-oncology regimen of CRS-207 and GVAX Pancreas that is currently being evaluated in ECLIPSE, a 240 patient Phase 2b clinical trial to treat metastatic pancreatic cancer.
“2014 was a watershed year for Aduro and this financing demonstrates investor confidence in our future,” said Stephen Isaacs, chairman, president and chief executive officer of Aduro. “Our accomplishments during the year, including demonstrating positive results in our pancreatic cancer and mesothelioma programs, receiving Breakthrough Therapy designation from the FDA for the combination of CRS-207 and GVAX Pancreas, and establishing two worldwide collaboration agreements with Johnson and Johnson Innovation (Janssen Biotech, Inc.) for the development and commercialization of novel immunotherapies for prostate and lung cancers, have positioned us well to achieve our goal of providing patients with more effective and more tolerable alternatives to treat cancer. We look forward to completing enrollment in our Phase 2b ECLIPSE trial in patients with metastatic pancreatic cancer and further exploring the broad versatility and applicability of our LADD and CDN technologies in other cancers.”
LADD is Aduro’s proprietary platform of live-attenuated double-deleted Listeria monoCytogenes strains that have been engineered to initiate a powerful innate immune response and drive a targeted, durable adaptive immune response.
CRS-207 is Aduro’s lead LADD product candidate, engineered to express the tumor-associated antigen mesothelin, which is over-expressed in many cancers including mesothelioma and pancreatic, lung, ovarian and gastric cancers.
About GVAX Pancreas
GVAX Pancreas is one of a family of GVAX vaccines derived from human cancer cell lines and is designed to activate specific T cell immunity to cancer antigens including mesothelin, enabling a broad-based immune response.
CDNs, or cyclic dinucleotides, are naturally occurring molecules that target the intracellular STING receptor, which recently emerged as a central mediator of innate immunity. Aduro is developing proprietary synthetic small molecule CDN product candidates that are significantly more potent than naturally occurring CDN molecules.
About Aduro Biotech
Aduro Biotech, Inc. is a private, clinical-stage immuno-oncology company focused on the development of its live, attenuated, double-deleted (LADD) Listeria monoCytogenes and cyclic dinucleotide (CDN) technology platforms to initiate powerful innate immune responses and drive targeted, durable adaptive immune responses against cancer. Aduro has received Breakthrough Therapy designation from the FDA for its lead immuno-oncology regimen, CRS-207 and GVAX Pancreas, in pancreatic cancer. The company is evaluating CRS-207 and GVAX Pancreas in the ongoing Phase 2b ECLIPSE clinical trial and has additional ongoing clinical trials with its LADD product candidates in mesothelioma and glioblastoma. The company is also developing clinical candidates using synthetic small molecule CDNs that are designed to activate the intracellular STING receptor. For more information, please visit www.aduro.com.
Source: Aduro Biotech
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