Cancer-fighting MedTech CellCentric has raised £90m in fresh funding.
The Series C round will support the advancement of the Cambridge company’s oral treatment for multiple myeloma, inobrodib.
The financing was co-led by RA Capital Management and new investor Forbion, with participation from Avego Bioscience Capital, as well as BrightEdge, the American Cancer Society’s venture capital and impact investment arm.
Despite significant recent progress in treating multiple myeloma, the majority of patients still succumb to the disease. A large number of patients are not eligible for, or become resistant to, the latest therapies.
Inobrodib’s novel mechanism of action, oral delivery, and favourable safety profile make it an attractive additional option. It has the potential to become an agent used across multiple settings, with different combination agents.
“We are delighted to secure the investment required to continue to advance inobrodib fully and as effectively as possible,” said Will West, CEO of CellCentric.
“This is a significant raise in a challenging market. Today’s announcement is a testament to the data we have in hand, the clear clinical and commercial opportunity inobrodib represents, and the strength of our expanded team.”
Jasper Bos, general partner at Forbion, who is joining the CellCentric board, added: “This novel agent has demonstrated promising efficacy and a manageable safety profile in early clinical trials.
“We are enthusiastic about supporting CellCentric as it advances inobrodib into registration studies, aiming to transform multiple myeloma treatment across various stages of the disease.”
The company has achieved several significant milestones, including an initial $35m investment from RA Capital last year as well as a $25m strategic investment from Pfizer.
This month, a new CellCentric office opened in Burlington, just outside Boston in Massachusetts, as the company builds its team globally.
Tech firm once sold by Peter Jones valued at £3.5bn in PE deal