- First closing of $27 million Series A financing -
- Funding will support Phase 1b/2a clinical trial of MVB-101, a prostate-specific membrane antigen x folate receptor alpha (PSMA x FRα) targeted drug conjugate -
- Exclusive license to MVB-101, developed by Coherent Biopharma -
LOS ALTOS, Calif., June 16, 2026 (GLOBE NEWSWIRE) -- MultiValent Biotherapies, Inc. (MultiValent), a private biotechnology company developing targeted drug conjugate therapies for cancer, announced a $27.425 million first closing of its Series A Preferred Stock financing.
MultiValent plans to use the funds to advance the clinical development of MVB-101, a prostate-specific membrane antigen x folate receptor alpha (PSMA x FRα) targeted drug conjugate which MultiValent has licensed from Coherent Biopharma (Coherent). The Company expects to begin clinical development of MVB-101 in the United States for the treatment of a subgroup of prostate cancer patients in a Phase 1b/2a clinical trial in the third quarter of 2026.
“We are pleased to announce both the initial closing of our Series A financing and the licensing of MVB-101. We look forward to advancing this promising drug candidate into clinical development in the United States,” said Fred Schwarzer, Executive Chairman of MultiValent.
“Prostate cancer remains one of the most prevalent cancers among men in the United States. Approximately 330,000 new cases of prostate cancer are diagnosed annually and nearly 3 million men in the United States are living with this devastating disease,” said Stephen Snowdy, PhD, Chief Executive Officer of MultiValent. “Current treatments often result in significant quality of life impacts, including erectile and urinary dysfunction. If clinical development is successful, MVB-101 has the potential to provide an effective treatment option for a subgroup of prostate cancer patients while helping preserve quality of life for those patients.”
“MVB-101 is a novel bivalent peptide-like drug conjugate molecule which is approximately 1/50th the size of traditional antibody drug conjugate molecules. The smaller size of MVB-101 should facilitate faster diffusion into the tumor as compared to antibody-based therapies, and the dual targeting of MVB-101 against PSMA and FRα is designed to provide better binding against heterogenous tumor cells,” said Bruce Keyt, PhD, Chief Scientific Officer of MultiValent.
Under the terms of its license agreement with Coherent, MultiValent received exclusive rights to MVB-101 in all markets outside of Greater China. Coherent received an equity stake in MultiValent and a cash up-front payment, and it may receive future payments triggered by development, regulatory, commercial and sales milestones.
About MVB-101
MVB-101 is a bivalent peptide-like drug conjugate. The drug binds two targets that are highly upregulated on the surfaces of prostate cancer cells, prostate-specific membrane antigen (PSMA) and folate receptor alpha (FRa). The drug carries a payload of monomethyl auristatin E (MMAE), a clinically proven highly potent anti-cancer molecule that interferes with cell replication. MVB-101’s safety and efficacy have been preliminarily demonstrated by Coherent in more than 110 patients with metastatic castration-resistant prostate cancer.
About MultiValent Biotherapies
MultiValent Biotherapies, Inc. is a private biotechnology company developing targeted drug conjugate therapies for cancer. MultiValent is advancing MVB-101, a prostate-specific membrane antigen x folate receptor alpha (PSMA x FRα) targeted drug conjugate which MultiValent has licensed from Coherent Biopharma. For more information on MultiValent Biotherapies, please visit https://multivalentbiotherapies.com/.
Investor and Media Contact:
Argot Partners
multivalent@argotpartners.com
(646) 367-2769
