OncoResponse Raises $40.6 Million Series C Financing
- New capital will fund lead antibody, OR2805, through Phase 1 and 2 clinical studies
- Adds Magnetar Group, Yonjin Ventures and Bering Capital to the syndicate
SEATTLE, March 31, 2021 (GLOBE NEWSWIRE) -- OncoResponse, a biotechnology company harnessing the power of the human immune system to identify and develop novel monoclonal antibodies to immunosuppressive myeloid targets for cancer immunotherapy, today announced that it has raised $40.6 million in a Series C financing. Proceeds will be used to advance the Company’s lead antibody, OR2805, into clinical development in multiple tumor types and fund a pipeline of preclinical assets to IND.
OncoResponse’s drug candidates are derived from a proprietary screening technology platform that discovers antibodies from the immune systems of patients who have responded exceptionally well to cancer immunotherapies. OncoResponse has developed a pipeline of antibodies that modulate immune cells in the tumor microenvironment (TME) and have shown to enhance immune activation and promotion of tumor killing in vitro and in vivo.
The financing was led by members of the Magnetar Group with participation from additional new investors Yonjin Venture and Bering Capital along with existing investors RiverVest Venture Partners, Qatar Investment Authority (QIA), Redmile Group, 3B Future Health Fund (Helsinn Investment Fund), Canaan Partners and ARCH Venture Partners.
In connection with the financing, Ted Koutouzis, MD from the Magnetar Group, Daguang Wang, PhD from Yonjin Venture and Patrick Joseph Hojlo from Qatar Investment Authority will join the board of directors of OncoResponse.
“We are thrilled to welcome these new investors into our Series C raise that will fund our programs through meaningful value inflection points” said Clifford J. Stocks, CEO of OncoResponse. “Our lead antibody, OR2805, was derived from a cancer patient who had an exceptional response to anti-PD-1 therapy and relieves the immunosuppressive effect of macrophages found in the TME to promote tumor killing by T cells. We will be entering clinical studies in multiple tumor types later this year.”
“We are very excited to join the OncoResponse syndicate to further advance the cancer immunotherapies emanating from this unique discovery platform.” commented Ted Koutouzis, MD, Managing Director for the affiliate group at Magnetar.
OncoResponse, Inc., an immuno-oncology focused biotech company, in a broad strategic alliance with MD Anderson Cancer Center uses a proprietary B-cell technology platform to mine the immune system of cancer patients who have responded to cancer immunotherapy to discover novel targets and antibodies and develop therapeutic monoclonal antibodies to treat cancer. OncoResponse is focused on discovery and development of fully human antibodies directed at modulating immunosuppression of the tumor microenvironment to increase response rates and provide more cures for cancer patients. OncoResponse, Inc. is a privately held company backed by investment from MD Anderson Cancer Center, Magnetar Group, Yonjin Venture, Bering Capital, Rivervest Venture Partners, Qatar Investment Authority, Redmile Group, ARCH Venture Partners, GreatPoint Ventures, 3B Future Health Fund (Helsinn Investment Fund), Canaan Partners, Baxalta Ventures, Buchang Pharma, Alexandria Real Estate Equities and William Marsh Rice University. For more information please visit: www.oncoresponseinc.com.