Prokarium Closes $21M Series B Financing Round and Strengthens Board
Prokarium, a privately-held biotechnology company developing novel immunotherapies and vaccines based on its engineered microbial platform, today announced the closing of a Series B investment round of $21M led by Korea Investment Partners (KIP). In addition to KIP, the UK government’s Future Fund (FF), Flerie Invest and Riyadh Valley Company (RVC) also participated in the financing round.
“We are very pleased with this strong financial support and with the global networks our investors bring,” said Ted Fjallman, PhD, CEO of Prokarium. “The funds will support the development efforts of our microbial immunotherapy for the treatment of non-muscle invasive bladder cancer, which we plan to advance to the clinic by 2022, as well as the expansion of our pipeline across multiple solid tumours. This financing, together with our recently announced partnership with the Wellcome Trust for funding our clinical studies of Entervax, positions Prokarium well to realize the potential of our microbial immunotherapy platform.”
“KIP is delighted to lead this financing of Prokarium and to continue to invest in their team and platform” said Sangwoo Lee, Managing Director, KIP. “Prokarium’s approach of developing microbial immunotherapy that stimulates innate immunity and modulates the tumour microenvironment is very exciting and has the potential to transform cancer treatment across the world.”
In conjunction with the financing, Hyam Levitsky, MD, will join Prokarium’s Board of Directors. Hy brings over 30 years of internal medicine, oncology and immunology research experience and currently serves as the President of Research and Development at Century Therapeutics. Prior to Century, he served as the Executive Vice President and Chief Scientific Officer at Juno Therapeutics and Head of Cancer Immunology Experimental Medicine at Roche.
“I am excited to join Prokarium’s Board and to provide my scientific expertise to develop novel microbial immunotherapies” said Hyam Levitsky. “Prokarium’s bacterial strains have the potential to be potent activators of multiple innate immune pathways, harnessing intrinsic microbial properties combined with modulatory effects from cutting-edge engineering to initiate and drive a patient’s anti-tumor responses. This harbours the potential to perform both as a monotherapy or in combination with other immunotherapies.”
Prokarium also strengthens its executive team with the promotion of Kristen Albright, PharmD, to Chief Operating Officer, Livija Deban, PhD, to Vice President of Research, and the appointment of Peter McGowan, FCCA, as Chief Financial Officer.
"I am very pleased to announce these well-deserved appointments on Prokarium's executive team," said Steve Chatfield, PhD, Chairman of Prokarium. "It is critical that we have the optimal organizational structure in place to drive the continued advancement of our pipeline and the success of our company."
- Ends -
Prokarium is a clinical-stage biopharmaceutical company focused on developing microbial cancer immunotherapies. Using the company’s leading-edge technology platform, Prokarium’s mission is to use its expertise in engineering biology and immunology to improve the lives of patients with solid tumours, with its lead oncology program expected to enter the clinic in 2022. The Company is also leveraging its platform, in conjunction with the Wellcome Trust, for the phase 1 and phase 2 clinical evaluation of a combination vaccine against typhoid and paratyphoid. Prokarium is headquartered in London, UK. For more information please visit www.prokarium.com.
About Korea Investment Partners
Korea Investment Partners (KIP) is South Korea’s leading venture capital and private equity firm with over 30 years of experience investing in bold and innovative entrepreneurs who want to change the world. KIP manages over 20 venture and private equity funds with over $2.6 billion AUM. The company operates globally from its Seoul headquarters office with other locations in Shanghai, Beijing, and Sunnyvale. Notable successful life science exits include Elastagen to Allergan, Auris Health to Johnson and Johnson, as well as multiple IPOs such as ABL Bio [Kosdaq: A298380], Helixmith [Kosdaq: 084990], Qurient [Kosdaq: 115180], i-Sense [Kosdaq: 099190], HLB [Kosdaq: 028300], and PCL [Kosdaq: 241820].
About Non-Muscle Invasive Bladder Cancer (NMIBC)
Around 550,000 cases of bladder cancer occur every year with approximately 70% of tumours diagnosed as non-muscle invasive bladder cancer. NMIBC remains a very challenging cancer to treat with high rates of recurrence and progression associated with approved therapies. The first-line treatment is Bacillus Calmette-Guérin (BCG), an attenuated tuberculosis (TB) vaccine that is instilled directly into the bladder requiring up to 27 instillations. Intravesical therapies remain the most promising route of administration; however, very little innovation has been invested to replace and improve upon BCG since its approval by the FDA in 1990. Currently there remains a severe global shortage of BCG, which leaves limited treatment options for newly diagnosed NMIBC patients.
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
Universal Peace Federation: 70 Years After the Korean War World Leaders Call for Peace at Online Rally of Hope24.11.2020 21:19:00 EET | Press release
Millions of viewers tuned into hundreds of broadcast stations and gathered online to call for peace among and between nations at the third Rally of Hope sponsored by the Universal Peace Federation (UPF) in Korea on Sunday, Nov. 22. UPF was founded in 2005 by Rev. Dr. Sun Myung Moon and Dr. Hak Ja Han Moon and is an NGO in General Consultative Status with the United Nations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201124005906/en/ Dr. Hak Ja Han Moon addresses live audience and online participants from all around the world at the Rally of Hope (Photo: Business Wire) Mrs. Moon announced two new projects: to set up Korean War memorials in those nations that do not yet have them and create an online registry of all those who sacrificed in any way to support Korea during its darkest hour. “All around the world, unforeseen and unexpected challenges are erupting in the realms of politics, economy and religion” she said. “We
Verimatrix Chief Revenue Officer Named to SportsPro OTT Summit Advisory Board24.11.2020 19:45:00 EET | Press release
Regulatory News: Verimatrix, (Paris:VMX) (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced that Lu Bolden, Chief Revenue Officer, was named to the SportsPro OTT Summit Advisory Board, the group that shapes one of world’s most prominent sports broadcasting annual events. The second annual event takes place December 2-3, 2020. Organized by SportsPro Media, this year’s virtual SportsPro OTT Summit is the preeminent venue for learning the latest in strategy, content and technology trends in the sports broadcasting market. The OTT Summit Advisory Board reads as a who’s who of the digital sports broadcasting realm, including executives from the UFC, NFL, MotoGP, Fox Sports, DAZN, PGA Tour, Canal+, Formula One, NBC Sports and the International Olympic Committee. Bolden brings to the group the needed expertise in how to easily deliver excellent fan experiences on any device while also securely scaling during popular live eve
ender diagnostics Receives FDA Notification for Rapid and Reliable COVID-19 Tests24.11.2020 17:41:00 EET | Press release
The two ender COVID-19 tests received the FDA notification, marking the entry of the Swiss company into the US market. With the continued surge of COVID-19 cases in the US, the American subsidiary of ender diagnostics, ENDER DIAGNOSTICS NORTH AMERICA, is ready to deliver rapid and reliable COVID-19 testing kits to diagnostic laboratories wishing to increase their testing capacities. The company is proud to be actively contributing to successfully manage the pandemic. The ender products are highly accurate and fast, allowing laboratories to increase their throughput significantly. ender LAB and ender MASS are in-vitro diagnostic test kits based on a rapid molecular isothermal nucleic acid amplification technology. Both ender LAB and ender MASS are designed for use by laboratory professionals or trained operators on standard real-time PCR devices. For ender LAB, the result is provided within 30 minutes after the extraction of the viral RNA, which makes it significantly faster than typica
LBC Tank Terminals Holding Netherlands B.V. Announces Q1 FY21 Financial Results Conference Call24.11.2020 17:06:00 EET | Press release
LBC Tank Terminals announced today that a conference call will be held to discuss the company’s financial results for Q1 FY21 which ended on 30 September 2020. The results will be published today, Tuesday 24 November 2020, followed by a conference call for all investors on Tuesday, 1 December 2020 at 16:00 (Central European Time) / 10:00 (Eastern Standard Time). Call details and copies of the financial statements will be made available on the Intralinks website. Investors of LBC Tank Terminals Holding Netherlands B.V. Senior Notes, due 2023, can request access to Intralinks by contacting firstname.lastname@example.org. LBC Tank Terminals LBC Tank Terminals, with its headquarter in Belgium, is an independent operator of midstream and downstream bulk liquid storage facilities for chemicals, oils and refined petroleum products currently owning and operating seven terminals located in Houston, Freeport, Baton Rouge, Antwerp and Rotterdam with combined storage capacity of 2.6 million m³, serving over
BentallGreenOak’s Global Real Estate Investment Platform Receives Top Accolades in the 2020 Global Real Estate Sustainability Benchmark (GRESB), Marking 10 Years of Leadership in ESG24.11.2020 17:00:00 EET | Press release
BentallGreenOak (BGO) announced today that its global real estate investment platform has again achieved top global rankings in the annual Global Real Estate Sustainability Benchmark (GRESB). The 2020 rankings mark the 10th straight year of outstanding leadership in ESG worldwide for BGO. The firm’s increased focus on asset resilience as an important element in its investment management strategy for its clients has resulted in several BGO accounts being ranked 1st overall in the world out of 412 participants in GRESB’s Resilience Module. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201124005284/en/ The BGO Diversified US Property Fund continued its leadership streak from 2019, ranking 1st in the U.S. Diversified, Core peer group, 2nd overall in the Americas, Diversified sector and 4th globally for the Diversified, Non-listed, Core peer group. The Sun Life General Account scored its best result ever, placing 2nd in Canada a
Digital Storytelling Platform ALEXANDER Launches with All-Star Cast24.11.2020 17:00:00 EET | Press release
Alexander is the digital home of original non-fiction stories from around the world. Bringing together some of the world’s most respected creative talent, Alexander’s feature stories are commissioned from acclaimed global authors and journalists and give unique access to fascinating places, cultures and people. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201124005565/en/ Using the Alexander mobile app, every original feature is presented in multiple storytelling dimensions—a commissioned written story, an audio performance and a super short film. The crafted film introduces the setting, teases the subject and sets the mood. Audiences then transition into the full story and can read, listen or move seamlessly via The Toggle, a proprietary text-to-audio functionality, between the written word and the audio performance. The convergence creates an immersive storytelling experience that meets the high expectations of discernin
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