Blade Therapeutics Announces Selection Of A Clinical Development Candidate And Funding Of The Second Tranche For Its Series B Financing
Blade Therapeutics Announces Selection of a Clinical Development Candidate and Funding of the Second Tranche for its Series B Financing
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Blade Therapeutics, a private biopharmaceutical company advancing novel anti-fibrotic therapies to meet important patient needs, today announced that it has nominated a clinical development candidate for its lead program focused on small molecule inhibitors that selectively target certain intracellular cysteine proteases.
Selection of the clinical development candidate triggered funding of the remaining tranche for the $45 million U.S. Series B financing, which closed in June of 2016. The Series B included investment from Deerfield Management, MPM Capital, Pfizer Venture Investments, Novartis Institutes for Biomedical Research, Bristol-Myers Squibb and Osage University Partners. Proceeds from this second tranche are earmarked to advance the development candidate into the clinic as a novel treatment for fibrotic diseases as well as to continue to build out the pipeline.
“I am very proud of the team for their progress in developing a best-in-class clinical candidate,” stated Blade’s Chief Executive Officer Wendye Robbins, MD. “Along with the additional funding, Blade is on track with IND-enabling studies, and is well positioned to enter the clinic in mid-2018.”
In addition to the clinical candidate, Blade also looks to leverage its world-class expertise in fibrosis to build a pipeline of novel anti-fibrotic agents. “We continue to look at ways to expand the utility of the unique chemistry platform our team has built, as well as in-licensing opportunities that represent novel approaches to treat fibrotic diseases,” stated Felix Karim PhD, Blade’s Executive Vice President of Business Development.
About Blade Therapeutics
Blade Therapeutics is a private biopharmaceutical company advancing novel anti-fibrotic therapies to meet important patient needs. Blade has assembled a critical mass of fibrosis expertise and a top-tier leadership team and world-class network of advisors with unparalleled experience in anti-fibrotic drug R&D. Blade ’s lead program is a small molecule inhibitor targeting an intracellular cysteine protease that has been shown to be associated with fibrosis across diverse indications. The Company anticipates entering the clinic with its lead development candidate in mid-2018. For its foundational programs, Blade is leveraging insights from Johns Hopkins University School of Medicine (Laboratory of Hal Dietz, M.D.) to discover new therapeutic approaches that can broadly modulate fibrosis, and thereby contribute to the treatment of diverse diseases. Lead investors in Blade include MPM Capital, Deerfield, Osage Partners, as well as the venture funds of Pfizer, Bristol-Myers Squibb, and Novartis. Please visit http://www.blademed.com/ for more information.
Wendye Robbins, M.D., President and CEO
Felix Karim, Ph.D., Executive Vice President, Business Development
Source: Blade Therapeutics