Endocyte, Inc. Officials Announce Close of $26 Million Equity Financing
WEST LAFAYETTE, Ind.--(BUSINESS WIRE)--Officials of Endocyte Inc., a cancer drug discovery and development company, announced Friday (Oct. 16, 2009) they have completed a $26 million extension of its Series C financing. This round included participation from all existing institutional investors, including Sanderling Ventures, Burrill & Co., American Bailey Ventures, Blue Chip Venture Co., and Triathlon Medical Ventures. Clarian Health Ventures also participated as a new investor.
"Our investors recognize the important clinical and preclinical progress we have made, as well as the significant potential of these technologies," said Mike Sherman, chief financial officer of Endocyte (http://www.endocyte.com). "The next major milestone will be the completion of the PRECEDENT study, a randomized Phase II study in ovarian cancer. Data from this study will be available as early as mid-2010."
Endocyte has a broad pipeline of drugs in development for the treatment of various cancers and inflammatory diseases, including six cancer drugs in clinical trials. The Endocyte drug platform is based on a novel drug guidance system designed to target potent drugs to diseased cells while avoiding healthy cells. Improved drug targeting could make it possible to treat patients with more potent drugs while reducing the risk of serious side effects associated with drug toxicity.
At the recent World Conference on Lung Cancer, the company announced positive results for its lead drug, EC145, in a Phase II non-small cell lung cancer study. The company also announced preliminary results from a Phase II ovarian cancer study at the annual meeting of the European Society of Gynecologic Oncology. The data presented indicate that EC145 appears to have antitumor activity in a significant percentage of women with advanced ovarian cancer. Based on these results, EC145 is now being evaluated in the PRECEDENT study, an international randomized study in women with platinum-resistant ovarian cancer where EC145 is being evaluated in combination with Doxil®/Caelyx® versus Doxil®/Caelyx® alone.
About Endocyte
Endocyte is a privately held biotechnology company with headquarters in the Purdue Research Park of West Lafayette, Ind. Based on the applications of Endocyte's advanced proprietary Drug Guidance System (DGS), the company is working to develop new drugs and diagnostic agents to treat many types of cancer and other serious diseases. The DGS technology improves drug targeting and reduces the risk of side effects by combining drugs with ligands that are able to identify and attach to receptors found on tumor and other disease cells, making it possible to use highly potent drugs for extended and frequent dosing schedules and in combination with other drugs in an effort to maximize efficacy. Each therapy in development is accompanied by a diagnostic imaging agent (such as EC20) intended to identify in advance the presence of receptors targeted by the therapies.
Endocyte's clinical development of EC20 and EC145 is progressing with the recent announcement of preliminary phase II trial results in advanced ovarian and lung cancer. EC20 and EC145 are now being evaluated in an international randomized Phase II trial of EC145 in combination with Doxil®/Caelyx® for the treatment of women with platinum-resistant ovarian cancer. Other clinical-stage products in the Endocyte pipeline include EC0225, a targeted combination of two potent anticancer drugs; BMS753493, a potent drug being developed in partnership with Bristol-Myers Squibb; EC0489, a targeted cancer drug; and EC17, a targeted immunotherapy agent. Endocyte also has multiple product candidates in preclinical development.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.