Capital Funding to Progess Tumour Candidate to Phase 1 Trials
Jun 17 2021
Antibody drug conjugates (ADC) developer Iksuda Theraapeutics (Newcastle) has completed a US $47 million (circa GB £34 million) financing round to advance its lead pre-clinical asset IKS03, a CD19-targeted ADC candidate for B-cell cancers, to first-in-human phase 1 clinical trials. Capital raised from the investment round, co-led by Mirae Asset Capital and its subsidiaries, Celltrion and Premier Partners, along with advice from Ashfords LLP, will also enable the company to accelerate its earlier-stage programmes including IKS04 and IKS012 to IND filing.
With programmes targeting tumours with limited treatment options and high relapse rates, the company’s drug development pipeline is centred on the improved safety and efficacy conferred by tumour activated, prodrug payloads in combination with stable conjugation technologies, including its proprietary novel PermaLink® platform recently licensed in October 2020 from Göttingen University(1).
Dr Dave Simpson, Chief Executive Officer, Iksuda Therapeutics, said: “This is a transformational investment milestone for Iksuda, enabling us to focus on the progression of our industry-leading ADC programmes and bring them to the clinic, whilst supporting our commercial growth. The funding not only reflects the potential of our technologies, but also the unmatched expertise of the Iksuda team. We are grateful for the support of this group of investors and delighted to welcome them to the team.”
Ji Kwang Chung, Investor, Mirae Asset Capital, commented: “We have been highly impressed with Iksuda’s approach and progress to date, and with the Company’s leadership. We are delighted to lead this investment round, and to contribute to enabling the team to progress its very promising pipeline of ADC candidates.”
Woosung, Kee, CEO, Celltrion Inc., added: “By pursuing tumours that are resistant to current treatment approaches, Iksuda is extending the boundaries of ADC technology, and consequently the treatment options for patients. This ideally complements Celltrion’s drive to pioneer uncharted areas of innovative therapies, incorporating unique and successful next-generational approaches that promote health and welfare globally. We have been very impressed with Iksuda’s progress to date and look forward to working together to support their mission.”
(1) Platform technology details here
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