Grid Therapeutics Closes Series A Financing
Published: Sep 14, 2017
DURHAM, N.C.--(BUSINESS WIRE)--Grid Therapeutics, LLC, a biotechnology company developing the first human derived targeted immunotherapy for cancer, today announced the closing of its Series A financing. Grid will use the proceeds from the financing to fund the antibody production and Phase 1 clinical trial of its lead candidate for the treatment of solid tumors. Grid’s Series A financing was led by Longview International, Ltd., a Singapore-based venture capital firm with a well-established track record of investing in life science companies capable of producing transformative technologies. Duke University joins Longview International as another strategic shareholder.
Grid has developed a novel approach of identifying specific tumor immunoglobulin G (IgG) antibodies from patients with early stage cancer. They used a unique strategy to obtain the sequence of its lead IgG3 antibody directly from cancer patients’ single B cells; the antibody effectively eliminate tumors, modulates the adaptive immune response, and has no known side effects. “Grid Therapeutics is very excited to welcome Longview to our team, especially given Longview’s active participation in companies acclaimed for innovation in biotechnology. We are confident that Longview is well positioned to help Grid advance our novel antibody to the clinic,” commented Dr. Patz, CEO of Grid.
"Grid’s development program capitalizes on the innovative thinking and wealth of oncology experience possessed by the company's management team," said Jianli Wang of Longview International, Ltd. "Longview recognizes the enormous potential of the new therapeutic candidates being developed by Grid."
About Grid Therapeutics:
Grid Therapeutics is a biotech company based on the innovative science first developed by Edward F. Patz, Jr. MD and his team of scientists at Duke University Medical Center. Located in Durham, North Carolina, Grid is developing the first human derived targeted immunotherapy for cancer. The antibody was discovered in exceptional outcome early stage lung cancer patients and was isolated from patient’s B-cells using state of the art molecular genomic techniques. “GT103”, the company’s lead asset, is expected to enter a first-in-man Phase 1 clinical trial in advanced-stage solid tumor patients in early 2019.
About Longview International, Ltd.:
Longview International, Ltd. is an investment company headquartered in Singapore, with offices in the US and China. It was established by managing partners Dr. Jianli Wang, MBA, PhD and Mr. Yupeng Song to partner with and facilitate the development of innovative and promising medical technologies. Dr. Wang is a graduate of Duke University's Fuqua School and holds a PhD in Chemistry. He is a board member of Duke's MedBlue Incubator, as well as Kunshan, Duke University's campus in Shanghai. He has made significant investments in biotechnology both in the US and China. Mr. Song developed one of the largest medical distribution systems in China. He has extensive medical investment holdings in Asia as well as the Americas. Longview's strategy is to participate in early-stage financing with companies where it can provide added value based on its experience in bringing innovative healthcare products to market.
Grid Therapeutics, LLC
Scott Lyman, 919-987-7190
Chief Business Officer