Healthcare Industry News: HSMN NewsFeed
News Release - October 6, 2017
Intezyne Closes Oversubscribed $10M Series A Financing to Drive Rapid Oncology Portfolio DevelopmentTAMPA, Fla., Oct. 6, 2017 -- (Healthcare Sales & Marketing Network) -- Intezyne Technologies, a clinical-stage biopharmaceutical company developing novel anti-cancer therapies, announced that it closed an oversubscribed $10M Series A Preferred round lead by existing investor Gaston Capital Healthcare Fund (GCHF). As part of the financing, David K. Robb, President and Chief Operating Officer (COO) at Gaston Capital, and Glenn Walthall, Chief Investment Officer (CIO) at Gaston Capital, joined Intezyne's Board of Directors.
Intezyne currently has two clinical-stage programs: IT-139, a novel Cancer Resistance Pathway (CRP) inhibitor for the treatment of pancreatic, gastric and BRAF-mutated cancers (including BRAF-mutated melanoma, lung cancer and thyroid cancer) in combination with existing anti-cancer therapies, and IT-141, a novel topoisomerase I (TOP-I) inhibitor for the treatment of colorectal and breast cancers. IT-139 was previously granted an Orphan Drug Designation (ODD) in the treatment of pancreatic cancer, of the most challenging-to-treat and deadliest forms of cancer, with 1-year and 5-year survival rates of only 20% and 8%, respectively. Gastric (stomach) cancer, while relatively rare in the United States, remains the fifth most common cancer and second most frequent cause of cancer death worldwide, with a 5-year survival rate of patients with advanced gastric cancer of a meager 3%. Preclinical data in both indications, supported by a previously completed Phase 1 safety study, suggest that IT-139 could meaningfully improve patient outcomes.
"This successful financing round puts the company on solid footing as we advance IT-139 and IT-141 through Phase 1/2 trials," said CEO Dr. Kevin Sill. "With compelling data and robust development rationales in a variety of different indications, our ongoing challenge is deciding which indications to prioritize in order to bring these potentially promising therapies to both patients and physicians as expediently as possible."
"In the coming months, we will be seeking additional capital from respected healthcare-focused institutional investors in a soon-to-be-launched $30M Series B Preferred round," said CFO E. Russell McAllister. "The Series B Preferred round is designed to fully fund the company through multiple Phase 2 trials, which should generate the data necessary for one or more lucrative development and commercialization partnerships and, subsequently, a compelling initial public offering (IPO). In the interim, we thank both existing and new investors in the Series A Preferred round for their enthusiastic support of Intezyne."
CEO Dr. Kevin Sill added, "Russell and I will be attending two major industry conferences in order to meet with investors and potential strategic partners: the BIO Investor Forum in San Francisco on October 16-18 and BIO-Europe in Berlin on November 6-8. We welcome any interest that investors, strategic partners, academic collaborators and clinical investigators might have in learning about our development programs."
For more information, please visit the Company's website at www.intezyne.com.
Source: Intezyne Technologies
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.