Phosplatin Therapeutics Completes $18.4 Million Private Financing Round
Proceeds to be used for completion of Phase 2 clinical proof of concept studies for lead candidate PT-112
NEW YORK, Aug. 26, 2020 /PRNewswire/ -- Phosplatin Therapeutics LLC, a clinical stage pharmaceutical company focused on oncology therapeutics, today announced the completion of an oversubscribed $18.4 million private financing round. Participation included new and existing investors, inclusive of family offices from the US, Europe and Asia-Pacific, and high net worth individuals.
Robert Fallon, President and Chief Executive Officer of Phosplatin Therapeutics, commented, "The success of the financing underscores the breadth of our data from three different Phase I trials and the broad potential of our lead compound, PT-112, which is advancing through clinical development as a monotherapy, including in mCRPC and multiple myeloma, and in combination with PD-L1 immune checkpoint inhibition. We plan to utilize the proceeds of this capital raise to complete Phase 2 development of PT-112, and our continued planning prior to launching intended pivotal trials."
Phosplatin Therapeutics has raised $56 million in equity capital since inception, and receives milestone fees from its sub-licensee for Greater China.
About PT-112
PT-112 is the first small molecule conjugate of pyrophosphate developed in oncology therapeutics. PT-112 promotes immunogenic cell death (ICD), or the release of damage associated molecular patterns (DAMPs) that lead to downstream immune effector cell recruitment in the tumor microenvironment. PT-112 represents a potential best-in-class small molecule inducer of this immunological form of cancer cell death, and is under Phase 2 development. The first-in-human study of PT-112 demonstrated an attractive safety profile and evidence of long-lasting responses among heavily pre-treated patients, and won "Best Poster" at the ESMO 2018 Annual Congress within the Developmental Therapeutics category. The novelty of its pyrophosphate moiety also results in osteotropism, or the propensity of the drug to reach the mineralized bone. This property is of interest in cancer types that originate in bone, or frequently lead to metastatic bone involvement, such as metastatic castrate-resistant prostate cancer (mCRPC). The first human clinical results in mCRPC were presented at the 2020 Genitourinary Cancers Symposium.
About Phosplatin Therapeutics
Phosplatin Therapeutics is a privately held, clinical stage pharmaceutical company that holds exclusive global license to phosphaplatins, a family of small molecules rationally designed to circumvent the mechanisms of drug resistance and toxicity commonly associated with chemotherapeutic regimens. The company's lead candidate, PT-112, is a novel chemical entity under clinical development that exhibits a unique combination of properties, including immunogenic cell death and osteotropism. Clinical data generated to date across three Phase I studies have demonstrated single agent anti-cancer activity and an attractive tolerability profile. The company's research and development work to date has spanned fifteen countries and been funded by private investors and family investment offices in the United States, Europe and Asia, along with a sub-license agreement for the development, commercialization and use of PT-112 in Greater China. The company also is sponsoring an ongoing clinical study of PT-112 in combination with the PD-L1 inhibitor avelumab under a collaboration agreement with Pfizer and Merck KGaA, Darmstadt, Germany (operating as EMD Serono in the US and Canada).
CONTACTS:
Phosplatin TherapeuticsTaylor Young
Senior Director of Strategic Development
Tel: +1 646 380 2441
Email: tyoung@phosplatin.com
Westwicke, an ICR CompanyInvestors:
Stephanie Carrington
Tel: +1 646 277 1282
Email: Stephanie.Carrington@icrinc.com
Media:
Mark Corbae
Tel: +1 203 682 8288
Email: mark.corbae@icrinc.com
SOURCE Phosplatin Therapeutics
