Bellicum Pharmaceuticals, Inc. Announces $3 Million in Convertible Note Funding
12/21/2010 7:15:14 AM
HOUSTON, Dec. 21, 2010 /PRNewswire/ -- Bellicum Pharmaceuticals, Inc. today announced $3 million in Convertible Note funding. The new funds will be used to prepare for Phase II trials of BPX-101, the company's DeCIDe vaccine for metastatic castrate resistant prostate cancer (mCRPC), and CaspaCIDe, a cell therapy safety switch under initial development in the hematopoietic stem cell therapy (HSCT) setting.
The new funding brings the total raised to date to $11.5 million, including $1.45 million from the Texas Emerging Technology Fund, $9.8 million from angel investors, and additional seed capital from founders. Of the new funds, $1.5 million was from current investors, and $1.5 million from new investors. A Series B financing is expected to close in the first half of 2011, with funds to be used to support the company's Phase II clinical trial programs. The Notes are intended to convert automatically into Series B Preferred stock at that time.
The company will report results of a Phase I/II trial of BPX-101 in patients with mCRPC on February 17, 2011, at the ASCO/ASTRO/SUO 2011 Genitourinary Cancers Symposium in Orlando, FL. Interim results of the Phase I "CASPALLO" trial of a CaspaCIDe donor lymphocyte infusion following haploidentical HSCT, conducted by Dr. Malcolm Brenner and colleagues at the Center for Cell and Gene Therapy at Baylor College of Medicine, were reported earlier this month at the 52nd American Society of Hematology Annual Meeting. Administration of CaspaCIDe T cells resulted in successful immune system reconstitution, while administration of the suicide gene activating agent AP1903 upon emergence of Graft versus Host Disease (GvHD) rapidly ablated residual allo-reactive T cells and abrogated early GvHD, whilst preserving anti-viral specificity.
"Our investors recognize that the unprecedented clinical results seen with our two lead clinical products provide a high level of validation for our underlying platform technologies," stated Bellicum Chief Executive Officer Tom Farrell. "Having reached these milestones on less than $10 million, we are now expanding our team and capabilities to manage a substantial mid stage clinical product portfolio."
About Bellicum Pharmaceuticals
Bellicum Pharmaceuticals, Inc. is developing clinical applications of chemical induction of dimerization (CID), a drug-based remote control technology that extends the physician's reach beyond the point at which a treatment has been administered. Bellicum's mission is to leverage this smart technology to bring safe, effective, innovative cell therapies to market for patients with serious and life threatening diseases. The company's DeCIDe vaccines are designed to kill targeted cells by inducing a potent, durable, fully activated antigen-specific T cell immune response. Lead product BPX-101, an autologous DeCIDe vaccine, is in clinical development for patients with metastatic castrate resistant prostate cancer (mCRPC). CaspaCIDe is a cell therapy safety switch, permitting the rapid elimination of cells in the event of toxicity. CaspaCIDe DLI is a donor lymphocyte infusion administered following a hematopoietic stem cell transplant, in which the safety switch may be activated to resolve graft vs. host disease (GvHD). For more information, visit http://www.bellicum.com.
SOURCE Bellicum Pharmaceuticals, Inc.