Panacea Pharmaceuticals closes its Series E financing for a total of $15 million to fund the Phase 1 clinical study of its lead cancer immunotherapeutic drug and pursue its late stage pre-clinical candidates toward integrated cancer management
Tags:
Series E
Phase 1
Oncology
Financing
GAITHERSBURG, Md., Dec. 8, 2015 /PRNewswire/ -- Panacea Pharmaceuticals, Inc., has closed its Series E financing for a total of $15 million and is in a strong position to complete the Phase 1 clinical study of its lead cancer immunotherapeutic drug, as well as pursuing its late-stage pre-clinical candidates toward integrated cancer management. The company has also secured an additional $2 million optional financing commitment in this series.
"Our lead drug candidate, our late-stage pipeline of pre-clinical candidates, as well as our cancer diagnostic products, constitute Panacea Pharmaceuticals' integrated cancer management program. We are delighted to have sufficient funding to enable us to pursue this program," said Hossein Ghanbari, PhD, Chairman and CEO/CSO of Panacea Pharmaceuticals, Inc.
Panacea Pharmaceuticals' lead drug candidate is a nanoparticle-based anti-cancer therapeutic vaccine. This targeted drug candidate enables the immune system to control cancer cells by enhancing patients' antibody and cellular defense mechanisms solely against cancer cells. In several animal models (mouse and rat) of aggressive liver, breast, and prostate cancers, it has significantly inhibited tumor growth, decreased tumor size, increased survival, and inhibited metastasis. Our therapeutic vaccine dosage is at microgram level and is delivered intradermally using 3M's Hollow Microstructured Transdermal System. The company has met with FDA earlier in the year to discuss a pre-IND submission that included the manufacturing, animal toxicology and human trial strategies for the vaccine. Based on the outcome of this meeting, the company is targeting 1st quarter 2016 to file an IND. Upon regulatory review, Panacea plans to initiate the Phase 1 clinical study in cancer patients in the 2nd quarter of 2016.
Beyond our lead immunotherapeutic drug candidate, our late-stage pipeline of products consists of:
About PanaceaPanacea Pharmaceuticals, Inc. was founded in 1999 to discover, develop, and commercialize novel therapeutic and diagnostic products for oncology and diseases of the central nervous system. Since its inception, the Company's primary approach to cancer treatment has been immunotherapy and development of companion diagnostics for comprehensive patient management. The Company's lead drug product candidate is a nanoparticle-based therapeutic cancer vaccine that targets a novel patented tumor marker, human aspartyl (asparaginyl) β-hydroxylase (HAAH). The company relies on a close collaboration with Brown University where teams of researchers are continuing advances on the Company's core technologies. For more information, visit the company's Web site at www.panaceapharma.com.
ContactHossein A. Ghanbari, PhD240-305-4601, [email protected]
Steve Fuller, PhD240-454-8010, [email protected]
SOURCE Panacea Pharmaceuticals, Inc.
http://panaceapharma.com
Cision Distribution 888-776-0942
from 8 AM - 9 PM ET
