BioTheryX Announces $35 Million Series D Financing
July 28, 2020
Rare Daily Staff
BioTheryX said it closed a $35 million series D financing, which will be used to accelerate the clinical development of its lead therapy in development for rare blood cancers.
MSD Partners, the private investment firm for Michael Dell and his family, led the financing round.
The proceeds from the financing will be used to expand the clinical trial sites for its lead candidate BTX-A51 in phase 1, continue IND-enabling studies for therapeutic candidates, and support more rapid development of the company’s pre-clinical pipeline, as well as general corporate development purposes.
BTX-A51 is in development for relapsed or refractory acute myeloid leukemia or high-risk myelodysplastic syndrome.
The company is focused on restoring protein homeostasis, including protein degradation and modulation, and multi-kinase inhibition, to develop treatments intended to extend and improve the quality-of-life of patients with life-threatening diseases. Its principal technology platform centers on targeted protein degradation and the design of small molecules to regulate protein equilibrium. Its technology is designed to utilize the body’s own protein disposal system to selectively degrade and remove disease-causing proteins. It has potential applicability to a broad range of diseases, including targets that have to date been considered ‘undruggable.’
“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, chairman and CEO of BioTheryX.
In conjunction with the financing, Robert Platek, a partner and portfolio manager at MSD Partners will be joining BioTheryX’s board of directors.
Photo: David Stirling, chairman and CEO of BioTheryX
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