PPF and SOTIO Invest $6.5 Million in MaveriX Oncology and its Lead Program MVX-5005
SOTIO, together with PPF, and MaveriX Oncology, Inc., today announce the investment of PPF Group in MaveriX Oncology Inc., a private biotech company with a proprietary pipeline of targeted, small-molecule cancer chemo-immunotherapeutics. PPF has committed to investing $6.5 million in MaveriX Oncology’s ongoing Series A financing contingent on key development milestones. In total, MaveriX is aiming to secure a total of $20 million in funding and the round will remain open for additional investors to join. The proceeds will enable MaveriX to advance the company’s lead program MVX-5005 through IND-enabling studies, and complete first-in-human Phase Ia/Ib clinical trials for the treatment of solid tumors in support of clinical proof-of-concept. The company will also advance further platform programs to drug candidate selection.
In addition, SOTIO has secured an option to license and co-develop MVX-5005 and related next-generation compounds in Europe, contingent on completion of the first phase I trial. Upon exercise of the option, MaveriX and SOTIO will collaborate and share the costs for development of MVX-5005 and MaveriX will become eligible to receive up to $138 million in development, regulatory and commercial milestones if MVX-5005 is successfully developed in multiple cancer indications in Europe. Further terms on the investment and option to license are not disclosed.
MVX-5005 has been designed to selectively kill cancer cells and eradicate immune suppressive cell subsets known to cause resistance to chemotherapy and immunotherapy. MVX-5005 utilizes a proprietary targeting and activation scaffold, a Small-Molecule Drug Conjugate (SMDC) to improve on the clinical safety and efficacy of a DNA damaging agent which exhibits broad anti-tumor activity including immunomodulatory and immunostimulatory properties. Pre-clinical studies have shown that MVX-5005 exhibits broad single agent anti-tumor activity with a favorable safety profile. MVX-5005 is currently in formal IND-enabling studies. MaveriX anticipates initiating a Phase I clinical study by the end of Q4 2020.
Through the investment, MaveriX will also advance several of its innovative pipeline programs based on the SMDC platform conjugated to other established or novel therapeutics.
Dr. Steven Everett, President and CEO of MaveriX Oncology, said: “We are grateful to the PPF Group for leading the Series A round as we advance our lead program MVX-5005 into the clinic and continue to expand our differentiated SMDC platform. The strong support of PPF and SOTIO enables us to achieve our next step of growth as we aim to quickly bring new and improved treatment options to patients that suffer from cancer.”
Dr. Daniel Von Hoff, Physician in Chief and Distinguished Professor at the Translational Genomics Research Institute (TGen) in Phoenix, Arizona, said: “The preclinical data of the lead program of MaveriX is encouraging. Overcoming some of the limitations of current chemotherapy as exemplified by MVX-5005 has great potential across many solid tumors. Together with our experts at TD2, we are very pleased to support development efforts of MaveriX to bring better cancer treatments to patients in need.”
Dr. Radek Špíšek, Chief Executive Officer of SOTIO, said: “We believe that the MaveriX SMDC technology approach enables the selective delivery of potent anti-cancer agents directly to tumors. A depleting effect of MVX-5005 on the immunosuppressive cells in the tumor microenvironment represents an additional mechanism of action and indicates that MVX-5005 might act as an efficient chemo-immunotherapy. We are very much looking forward to supporting MaveriX in its efforts to build an innovative oncology company developing first-in-class anticancer agents.”
As part of the agreement, Dr. Norbert Prenzel, Head of Business Development and Licensing of SOTIO, will join the board of directors of MaveriX Oncology Inc.
Please find the full release online at: https://www.sotio.com/news-publications/news.
Head of Communications
T: +420 224 174 448
M: +420 603 280 971
Communication representative of MaveriX Oncology, Inc.
Senior Director, IR, MacDougall
T: +1(781) 591-3443
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Celltrion to Launch Both Antigen and Antibody Testing Kits in the U.S.12.8.2020 03:00:00 EEST | Press release
Celltrion Group (KRX:068270) today announced the launch of two rapid kits for SARS-CoV-2 in the US by the third week of August. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200811005863/en/ SAMPINUTE™ COVID-19 Antigen MIA (left) and DiaTrust™ COVID-19 IgG/IgM Rapid Test (Photo: Business Wire) SAMPINUTETM COVID-19 Antigen MIA is an electrochemical immunoassay test for detection of SARS-CoV-2 antigen from nasopharyngeal swab samples, composed of one time use test cartridges and a portable analyzer developed in collaboration with BBB1. DiaTrustTM COVID-19 IgG/IgM Rapid Test is a one-step in-vitro diagnostic test based on immunochromatographic assay designed for the rapid detection of antibodies of the novel coronavirus in healthcare settings in collaboration with Humasis2. Both SAMPINUTETM COVID-19 Antigen MIA (antigen test) and DiaTrustTM COVID-19 IgG/IgM Rapid Test (antibody test) have shown reliable performance and promisi
Moody’s Acquires Stake in MARC, Strengthening Presence in Key ASEAN Market12.8.2020 02:00:00 EEST | Press release
Moody’s Corporation (NYSE:MCO) announced today that it has acquired a minority stake in Malaysian Rating Corporation Berhad (MARC), a credit rating agency serving the Malaysian domestic bond and sukuk markets. The investment strengthens Moody’s presence in Southeast Asia and across domestic bond markets globally, and advances its position as a leader in Islamic finance. Based in Kuala Lumpur, MARC covers corporates and financial institutions, with key strengths in infrastructure and project finance. In addition to its rating services, MARC provides economic and fixed-income research, credit risk solutions, sustainability-linked offerings and finance-related online training programs. “Malaysia’s robust domestic bond market presents an attractive opportunity for Moody’s, and we are excited to build upon our partnership with MARC and its growing portfolio of ratings and services,” said Wendy Cheong, Managing Director and Head of Moody’s Investors Service Asia Pacific. The investment stren
Parimatch Makes Statement of Intent for Newly Legalised Ukraine Gambling Industry11.8.2020 16:38:00 EEST | Press release
Following the signing of Bill No. 2285-d by President Volodymyr Zelenskyi to legalise the gambling industry in Ukraine, Parimatch, the international betting and technology company, has confirmed it will be bidding for the new operating licences in the country. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200811005562/en/ Parimatch Makes Statement of Intent for Newly Legalised Ukraine Gambling Industry (Graphic: Business Wire) Parimatch was founded in Ukraine in 1994 and was amongst the first bookmakers in the CIS region to transition into a digital betting platform. Today, Parimatch has expanded internationally to become a global betting and technology brand. The company now looks to build on its heritage to become the largest and most innovative operator in its home market. Commenting on today’s signing, Sergey Portnov, CEO of Parimatch said: “I would firstly like to congratulate President Zelenskyi for delivering on his
Andersen Global Enhances Africa Platform With the Addition of Law Firm in Gabon11.8.2020 16:30:00 EEST | Press release
Further strengthening its global platform and adding breadth to its regional footprint in Central Africa, Andersen Global announces its expansion into Gabon through a Collaboration Agreement with Libreville-based Business & Law Consulting (B & Law Consulting). The law firm, founded in 2017, is composed of more than 10 professionals who advise businesses in the areas of contract, corporate, commercial, tax, international trade, employments and general business law. “We are devoted to providing our clients with best-in-class solutions and maintain transparency and independence when handling client matters,” Managing Partner Khadidjatou Boussougou said. “Collaborating with Andersen Global is a great opportunity for us to continue to build our momentum and improve the quality of the services offered to our clients at an international level.” Andersen Global Chairman and Andersen CEO Mark Vorsatz said, “I am impressed with the level of efficiency and enthusiasm that B & Law Consulting demon
Immervision Introduces Wide-Angle Distortion Correction Algorithms with Face and Body Protection for Videos on Smartphones11.8.2020 16:00:00 EEST | Press release
Immervision, the Montreal-based developer and licensor of patented, wide-angle optics and imaging technology, today announced new real-time video distortion correction algorithms making videos the same as we see with our human eyes. The algorithms are available for mobile OEMs to license now from Immervision’s exclusive distribution partner CEVA. The addition of these new algorithms to Immervision’s broad imaging processing software portfolio will enhance the differentiation OEMs can deliver in next-generation phones. In phones, the wider field of view (FOV) creates more apparent distortion. The algorithms from Immervision fix stretched bodies, curved lines, object and face proportions in real-time adjusting to the scene without any postprocessing required - all in one solution. Immervision provides different levels of correction, varied projections and real-time adaptation to the scene and supports OEMs creating a differentiated experience. “Video recording on phones is skyrocketing a
K2View Raises $28 Million to Accelerate Rapid Expansion in the DataOps Market11.8.2020 15:00:00 EEST | Press release
K2View, a leading provider of real-time DataOps solutions, today announced its $28 million funding round, which will accelerate the company’s growth and expansion in the emerging DataOps market. Forestay Capital led the round along with funding from Genesis Partners. It comes on the heels of rapid growth that saw over 75 percent CAGR in revenue, with a strong first half of 2020. This investment will be used to support the company’s go-to-market strategy as it continues its expansion in markets ripe for transformation with DataOps, such as telecom, financial services, healthcare, insurance, logistics and more. “The fastest method to achieve true agility and exceptional customer experience is moving away from 30-plus years of application-driven enterprise into the data-driven enterprise. This is a critical component for digital transformation and a massive opportunity for us,” said Achi Rotem, CEO and co-founder of K2View. “As we look to the next stage of our growth, our vision is to con
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom