Bantam Pharmaceutical today announced that it has completed a $25 million Seed Funding to finalize its ongoing IND-enabling activities for its lead program, BTM-3566, and consummate preparations for first in human clinical trials.
IND Application Expected in Early 2022 for Its Lead Product BTM-3566 Company Establishes Operations in the Research Triangle Park |
| [16-September-2021] |
| RESEARCH TRIANGLE PARK, N.C., Sept. 16, 2021 /PRNewswire/ -- Bantam Pharmaceutical, a drug discovery and development company targeting selective modulation of mitochondrial dynamics in cancer, today announced that it has completed a $25 million Seed Funding to finalize its ongoing IND-enabling activities for its lead program, BTM-3566, and consummate preparations for first in human clinical trials. The funding was co-led by Bantam’s current investors.
Bantam plans to submit its Investigational New Drug application in February 2022 and start Phase 1 clinical studies in patients with B-cell hematological malignancies in the second quarter of 2022. In addition, Bantam has established its operations in the Alexandria cluster based in Research Triangle Park, an area rich in clinical development resources and capabilities. “This funding enables Bantam Pharmaceutical to be fully prepared to enter the clinic for first in human studies in early 2022, representing a major milestone. We are excited about moving to the next stage of development,” said Lionel Goldfrank, Co-founding investor and board member. BTM-3566 is a novel selective modulator of mitochondrial dynamics, targeting a pathway involved in mitochondrial homeostasis that specifically drives cancer cell apoptosis in a number of tumor types with high unmet need. The company has leveraged a protein translational phenotypic screen to discover its clinical candidate and related compounds. “This Fall we will raise our Series A round to drive clinical development studies and expand our discovery platform to accelerate our novel drug programs and address the ongoing unmet needs of many different cancers, beginning with B-cell hematological malignancies,” said Michael Stocum, President and Chief Executive Officer of Bantam. “Our team remains focused on progressing our fundamental scientific insights along the clinical pathway to transform the treatment of patients with cancer.” About BTM-3566 About Bantam Pharmaceutical For more information Media Contact: Company Contact:
SOURCE Bantam Pharmaceutical, LLC |
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