Xcovery Raises $20M through Equity Investment from China’s Betta Pharmaceuticals for Development of ALK Inhibitor
Tags:
Phase 2
Phase 1
Betta Gains Chinese Rights to Phase 2 Asset, X-396
X-396 Phase 1 Data to be Presented at Multidisciplinary Symposium
in Thoracic Oncology
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Xcovery, a developer of next-generation targeted therapeutics for cancer, today announced a commitment for a $20 million equity investment from Betta Pharmaceuticals Co., a leading Chinese pharmaceutical company focused on discovering, developing and delivering innovative medicines. In addition to the equity investment in Xcovery, Betta will gain Chinese rights to X-396, a potent small molecule anaplastic lymphoma kinase (ALK) inhibitor currently in a Phase 1/2 expansion cohort.
Xcovery also announced that it will be presenting Phase 1 data on X-396 at the 2014 Multidisciplinary Symposium in Thoracic Oncology on Oct. 30 in Chicago. Preliminary Phase 1 data that showed X-396 is generally well-tolerated and has anti-tumor activity in patients with ALK-positive non-small cell lung cancer (NSCLC) was presented in June at the American Society for Clinical Oncology (ASCO) annual meeting.
“This significant investment from Betta Pharmaceuticals, a company that has demonstrated success in research and development as well as commercializing drugs in China, will benefit the Chinese patients as well as advance the development of X-396,” said Dr. Chris Liang, Executive Vice President and Chief Scientific Officer at Xcovery.
The investment with Xcovery will be the first major investment for Betta in a U.S. company. Betta Pharma has successfully developed and commercialized Icotinib in China for the treatment of non-small cell lung cancer. Betta Pharma also has a pipeline of investigational drugs include treatments for cancer, cardiovascular disease and metabolic disease.
“Xcovery has developed a molecule that potentially has significant anti-tumor activity as well a favorable tolerability profile when compared to other ALK inhibitors,” said Fenlai Tan, MD, vice president and Chief Medical Officer at Betta Pharmaceuticals. “We look forward to working with Xcovery to bring X-396 through the next phase of development and to patients in the U.S., China and the rest of the world.”
Xcovery is now enrolling patients in the expansion cohort portion of a Phase 1/2 study of X-396 for the treatment of non-small cell lung cancer where ALK is deregulated, with plans to kick off a Phase 3 registration study in early 2015.
About Betta Pharmaceuticals
Betta Pharmaceuticals Co., Ltd., founded by overseas returnee doctors in 2003, is recognized as a full-capacity pharmaceutical company in China and a modern high-tech enterprise. Over the past 10 years, Betta has grown to become one of the leading pharmaceutical companies in China and aims to translate advanced science and technologies into the therapies that benefit patients most. Betta’s portfolio of products and pipeline of investigational drugs include treatments for cancer, cardiovascular disease and metabolic disease. For more information, please visit www.bettapharma.com.
About Xcovery
Xcovery is a clinical-stage company focused on the development of next-generation targeted therapeutics for cancer. Founded by Sheridan G. Snyder and Chris Liang, Ph.D., Xcovery’s vision is to successfully develop innovative oncology therapies to optimize patient outcomes. Through innovative drug design, Xcovery has developed a comprehensive pipeline of oncology therapies that target a wide range of advanced tumors. For more information, please visit www.xcovery.com.
Contacts
Media:LaVoie Health ScienceDavid Connolly, 617-374-8800 ext. 108dconnolly@lavoiehealthscience.comorBusiness Development:Cheryl Calhoun, 561-659-1945Vice Presidentccalhoun@biocatalystintl.com
Media:LaVoie Health ScienceDavid Connolly, 617-374-8800 ext. 108dconnolly@lavoiehealthscience.comorBusiness Development:Cheryl Calhoun, 561-659-1945Vice Presidentccalhoun@biocatalystintl.com
