ARMO BioSciences Closes $30 Million Series B Financing
REDWOOD CITY, Calif.
, May 28, 2014
/PRNewswire/ -- ARMO BioSciences, Inc., a clinical-stage biotechnology company, today announced it raised $30 million
in a Series B private financing led by NanoDimension. Existing investors Kleiner Perkins Caufield
& Byers, OrbiMed and DAG Ventures also participated in the round.
"This financing validates both management's ability to execute on ARMO's strategic objectives and the potential of our immunotherapy compound AM0010, which is currently in clinical development for the treatment of solid tumors," said Peter Van Vlasselaer, Ph.D., president and chief executive officer of ARMO. "We intend to use the Series B funding to complete several expansion cohorts of our Phase 1 study of AM0010, including drug combination cohorts designed to evaluate the safety and tolerability of AM0010 in combination with standard of care and with other immunotherapy drugs. We expect results from the dose escalation part of the study by mid-2014."
ARMO initiated a Phase 1 clinical study of AM0010 (PEG-rHuIL-10) in advanced solid tumors in November 2013. ARMO plans to begin patient enrollment in the fifth dose escalation cohort this month. The Phase 1 clinical trial is designed to establish the safety, tolerability and dose-limiting toxicity of AM0010 in patients with advanced solid tumors, and to establish a maximum tolerated dose. Additional objectives include the exploration of anti-tumor and biomarker responses to allow dose determination and potential patient stratification in subsequent studies. To date, patients have been enrolled at four locations in the United States.
Information regarding the mechanism of action of AM0010 and the ongoing Phase 1 study will be presented in the poster session "Developmental Therapeutics - Immunotherapy" on June 01, 2014 at the 50th Annual Meeting of the American Society of Clinical Oncology taking place at McCormick Place in Chicago. [Abstract #TPS3126; S Hall A2; Poster Board: #185B]
Preclinical studies have shown that AM0010, a PEGylated form of recombinant human interleukin-10 (PEG-rHuIL-10), directly activates tumor specific CD8+ killer T lymphocytes. In preclinical models, these activated CD8+ killer T lymphocytes completely eradicate large tumor masses and significantly reduce metastatic disease while establishing a lasting anti-tumor immune surveillance. ARMO plans to develop this unique molecule for known indications and innovative applications including cancer, fibrosis, hypercholesterolemia/atherosclerosis and inflammatory diseases.
ARMO has over 53 issued and pending US and foreign patents and applications covering compositions of matter, methods of use, and methods of manufacturing of AM0010.
About ARMO BioSciences, Inc.
ARMO BioSciences is focused on developing immunotherapies for the treatment of cancer, fibrosis, hypercholesterolemia/atherosclerosis and inflammatory diseases. ARMO believes that by harnessing the body's own capability to arm itself against dysregulated cells, it may provide safer and more effective drugs for patients suffering from grievous diseases. ARMO's medicines are designed to normalize the underlying biology of disease through immunotherapeutic mechanisms for sustained and durable responses. Founded in 2012, ARMO is backed by investors Kleiner Perkins Caufield & Byers, OrbiMed, DAG Ventures, and NanoDimension.
SOURCE ARMO BioSciences, Inc.