SciTech Development, a clinical-stage, specialty oncology pharmaceutical company, today announced it has closed an additional $3.2 million in funding to continue the active enrollment and dosing of patients in its ongoing clinical trial for T-cell non-Hodgkin lymphoma (T-NHL).
| SciTech accelerates its mission to bring ST-001 to cancer patients. GROSSE POINTE FARMS, Mich., June 4, 2024 /PRNewswire/ -- SciTech Development, a clinical-stage, specialty oncology pharmaceutical company, today announced it has closed an additional $3.2 million in funding to continue the active enrollment and dosing of patients in its ongoing clinical trial for T-cell non-Hodgkin lymphoma (T-NHL).
This new funding brings SciTech’s total raised to over $12 million. SciTech’s financing was led by Storm Lake Capital and Pointe Angels, alongside new and existing accredited investors. Proceeds from the financing will be used to advance the company’s Phase 1b clinical trials of ST-001 for T-NHL and subsequent clinical trials for small cell lung cancer. “On behalf of Storm Lake Capital, we are thrilled with the initial clinical progress made by SciTech Development and pleased to further support the company through additional investment in its latest convertible note round.” said Todd Carlson, Partner, Storm Lake Capital. “As early supporters, we have closely monitored SciTech’s advancements, noting its adept handling of challenges and disciplined resource management. We value the management team’s integrity and look forward to their continued success.” SciTech’s T-NHL trial began with the first patient dosed in late 2023 and is being conducted at six (6) prestigious cancer institutions located across the United States in PA, NY, TX, MI, and CA, with additional sites being added. Patient enrollment is now open. Trial information, including criteria and site locations, can be found at ClinicalTrials.gov with the identifier NCT04234048. SciTech anticipates starting a second Phase 1b small cell lung cancer (SCLC) trial to run concurrently with the T-cell lymphoma trial. “SciTech has achieved yet another milestone of having oversubscribed its second Convertible Note Round (CNR) of financing. This is a perfect reflection of the progress that has been made by our dedicated team. Our multicenter clinical trial is to reconfirm the safety and efficacy of the active drug, fenretinide, utilizing SciTech’s novel nanoparticle delivery platform.” said Earle Holsapple, CEO of SciTech. “We have opened a third CNR to continue advancing the Phase 1b studies for T-NHL and small cell lung cancer. In parallel, the company will launch a Series A capital raise to fund the completion of both trials and file for commercial approval with the FDA. We are confident that the drug’s potential will soon be realized.” ST-001 is SciTech’s patented lead drug product, formulated with the active drug fenretinide (a synthetic retinoid derivative) plus specific phospholipids in a nanoparticalized delivery platform (SDP). ST-001 has achieved a breakthrough in solving the bioavailability issues of fenretinide without system-related toxicities, which allows the drug to reach and kill cancer cells. The FDA has granted ST-001 an Orphan Drug Designation, allowing 7 years of market exclusivity once approved. T-cell lymphoma, a rare disease, is being utilized as the initial gateway indication for ST-001 as the company plans to establish a foothold in other cancer indications. Previous studies with fenretinide have shown promise in at least 15+ other types of cancers, such as lung, breast, ovarian, cervical, pancreatic, leukemia, colo-rectal, head & neck, and brain cancers. These additional indications, plus the potential to add ST-001 as combination therapy, may add significant value to address the unmet clinical needs in oncology. About SciTech Development To learn more about SciTech, the science, and the team, please visit www.SciTechSDP.com. Contact: Safe Harbor and Forward-Looking Statement: This document contains certain forward-looking statements that involve risks and uncertainties. Such forward-looking statements include statements regarding attempts to identify new products, services, or strategic opportunities, which may include a strategic transaction, plans regarding partnering activities, service pricing, or financial forecasts. Such statements are only predictions, and the Company’s actual results may differ materially from those anticipated in these forward-looking statements. Factors that may cause such differences include the risk that the Company may not be able to identify acceptable strategic opportunities or conclude any identified strategic transaction, the risk that products or services that appeared promising in early use do not demonstrate the same utility in larger-scale uses or trials, the risks associated with the Company’s reliance on outside financing to meet its capital requirements, and the risks associated with the Company’s reliance on forward-looking contracts. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underly the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include but are not limited to, the effect of government regulation, political, environmental, competitive, and/or other material risks.
SOURCE SciTech Development |
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