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BioTheryX raises $35M to support its various clinical and pre-clinical stage pipeline and establish a new center for research.
FREMONT, CA: BioTheryX, a clinical-stage biotechnology company that extracts the power of protein modulation to treat diseases, closes a $35 million Series D financing. The Series D funding round was led by MSD Partners.
“We are pleased to have closed this financing that will enable us to accelerate expansion of our ongoing clinical trial of BTX-A51, which I believe may ultimately become one of the most significant innovations in the past 40 years for AML patients and their families,” said David Stirling, Ph.D., Chairman, and CEO of BioTheryX. “Additionally, and equally as important, this funding will support our ongoing work in protein modulation and degradation utilizing proprietary Protein Homeostatic Modulators (PHMs™) and PHM®-based PROTACs, where I believe we have a superior probability of success driven by the large diversity of our molecular binders that afford us advanced structural control in drug design.”
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Along with general corporate development purposes, the proceeds from Series D funding will be utilized to accelerate the timeline of the BTX-A51 Phase 1 clinical trial with the addition of clinical sites beyond Memorial Sloan-Kettering Cancer Center, continue the IND-enabling studies for the therapeutic candidates using both PHM and PHM-based PROTACs (proteolysis targeting chimeras), and support the agile development of the company’s pre-clinical pipeline.
Louis J. DeGennaro, Ph.D., President and CEO, The Leukemia& Lymphoma Society (LLS), and BioTheryX Board Member, stated, “LLS has been pioneering breakthrough blood cancer research since 1949, and through innovative initiatives like our Therapy Acceleration Program® (TAP) we’re doing more than any cancer nonprofit to advance cutting-edge research and cures. As the first equity investment made through TAP, I am pleased to see BioTheryX’s continued progress on promising approaches to treat blood cancers that may make meaningful differences in patients’ lives.”
According to the terms of financing, Robert Platek, a portfolio manager and partner at MSD Partners L.P. will be assuming duties as one of the Board of Directors in BioTheryX.
Raymond James’ Alex Brown division played the role of the sole placement agent for the financing.
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