ALX Oncology raises $105 million in Series C financing for CD47 trials
By Akshay Kedari  Date: 2020-02-14

ALX Oncology raises $105 million in Series C financing for CD47 trials

ALX Oncology, a clinical-stage biotechnology company, has secured $105 million in a Series C funding round, led by Vivo Capital. The new investors, who participated in the funding round include Janus Henderson, Logos Capital, Foresite Capital, BVF Partners, HBM Healthcare Investments, and Cormorant Asset Management. The Series C funding round also witnessed the participation of existing investors Lightstone Ventures and Existing investors venBio, who had participated in the previous two rounds.

The latest funds will be used to further phase 2 study of CD47 myeloid checkpoint inhibitor ALX148 along with other anti-cancer treatments. The Series C funding round comes after the revelation of data by ALX on patients suffering from relapsed or refractory non-Hodgkin lymphoma (NHL), who have been treated using ALX148 in combination with rituximab. Among the 21 evaluable subjects, the company observed a median progression-free survival of 7.3 months and an objective response rate of around 43%. The drug was noted to be well tolerated and relatively safe.

Corey Goodman, Co-Founder and Executive Chairman, ALX, reportedly stated that from the initial days, the company believed that it will be the best-in-class in the CD47 checkpoint pathway by utilizing a ‘dead’ Fc domain that does not bind to macrophages, thus lessening the cytopenias and other toxicities related to this class of agents. The company is elated to observe the clinical results supporting its hypothesis and offering the opportunity for higher dosing and increased efficacy, he further added.

The phase 1 study, that generated the lymphoma data is progressing with other arms of the trial testing the potential of CD47 in combination with Keytruda and Herceptin in patients suffering from a solid tumor. But, with ALX148 coming through its first trial in NHL, ALX intends to take the candidate deeper into the clinic. The series C financing proceeds will be used to bankroll the further development of ALX148. 
 

Source links:

https://www.fiercebiotech.com/biotech/alx-raises-105m-for-midphase-trials-cd47-cancer-drug

 

About Author

Akshay Kedari    

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Alaskans to use tax credits to aid energy efficiency & air quality
Alaskans to use tax credits to aid energy efficiency & air quality
By Akshay Kedari

Local government authorities in Alaska have reportedly approved a bill that allows the creation and utilization of property tax credit to enhance air quality and energy efficiency. Sources cite that the Senate has accepted the bill with a 17-1 vote a...

Liteye gets $3M production order as part of US Defense Industrial Base
Liteye gets $3M production order as part of US Defense Industrial Base
By Akshay Kedari

Liteye Systems, a renowned leader in CUAS (Counter Unmanned Aerial Systems), has reportedly announced the receipt of an additional specialty production order for approximately $3 million. The contract would further make sure delivery of hardware for ...

Turning Point Brands offers free sanitizer bottles to combat COVID-19
Turning Point Brands offers free sanitizer bottles to combat COVID-19
By Akshay Kedari

From offering medical aids to donating funds, many companies worldwide have come forward to help governments and people to fight the spread of the novel coronavirus. Recently, Turning Point Brands, one of the leading tobacco product manufacturers in ...

Isracann enters JV agreement to develop cannabis production in Israel
Isracann enters JV agreement to develop cannabis production in Israel
By Akshay Kedari

Isracann Biosciences Inc. has recently entered a joint venture agreement for phased partnership of 2 near-term farm operations at the Sharon Plain region in Israel. This JV agreement will provide significant revenue generating opportunities to the Is...

Russia to track people at risk of COVID-19 through their geolocation
Russia to track people at risk of COVID-19 through their geolocation
By Akshay Kedari

Mikhail Mishustin, the Russian Prime Minister, recently gave the regional authorities 5 days for developing a system that can track citizens by using mobile phone geolocation data. The move is aimed at tracking people who have come into contact with ...