Fundraising Includes Strategic Investment by Bristol Myers Squibb Coupled with Support from Existing Investors
EvolveImmune Initiates Chemistry, Manufacturing, and Control (CMC) Activities for Lead Multi-Functional T-cell Engager Program, EV-104, Following Presentation of Latest Preclinical Data at SITC 2023
BRANFORD, Conn., Dec. 13, 2023 (GLOBE NEWSWIRE) -- EvolveImmune Therapeutics, an immuno-oncology company developing first-in-category, multifunctional biotherapeutics to overcome the therapeutic challenges of cancer cell resistance to current immune therapy agents, today provided a corporate and program update related to the advancement of its pipeline of first-in-category precision immuno-oncology agents. The company announced the closing of a $37 million financing round, which was supported by existing investors including Pfizer Ventures, Solasta Ventures, and Takeda Ventures, Inc., along with new strategic investor Bristol Myers Squibb.
EvolveImmune intends to use the proceeds from this fundraising to support continued platform and pipeline development including the advancement of its lead multi-functional T-cell engager program, EV-104. To this end, the company also announced the initiation of chemistry, manufacturing, and control (CMC) activities for EV-104 following its recent presentation of preclinical data demonstrating robust anti-tumor efficacy for the program in patient-derived solid tumor models at the 38th Annual Meeting of the Society for Immunotherapy of Cancer (SITC).
“This new capital raise comes at an exciting time for EvolveImmune,” said Stephen Bloch, M.D., chief executive officer of EvolveImmune. “With our EVOLVE platform, we believe we are at the forefront of unlocking the true potential of immunotherapy for the treatment of solid tumors. Our differentiated CD2 costimulation strategy for T cell engagers together with our recently unveiled pioneering insights on tumor features, which regulate tumor antigen expression and immune infiltration in the tumor microenvironment, are laying the groundwork for a new generation of immuno-oncology therapies for solid tumors driven by EVOLVE. This financing, including the investment from Bristol Myers Squibb, offers validation for our work to date on the EVOLVE platform and will enable us to continue to aggressively move our lead programs, including EV-104, through preclinical development and toward first-in-human studies.”
The EVOLVE platform uniquely unleashes potent, selective and integrated T cell costimulation, which amplifies and sustains the tumor killing capacity of these T cells. This approach bypasses low tumor immunogenicity, conditionally activates adaptive immunity and reduces T cell dysfunction to address unmet needs for the treatment of solid and hematologic tumors. The platform also takes advantage the company’s understanding of specific tumor cell characteristics to guide tumor antigen prioritization and program differentiation. By pairing its distinctive costimulation strategy with these critical tumor-intrinsic attributes, EvolveImmune is developing an innovative pipeline of first-in-category precision immuno-oncology agents with an enhanced likelihood of clinical success.
At the recent SITC 2023 conference, EvolveImmune spotlighted advances to the company’s first-in-class EV-104 program, a novel multi-functional T cell engager with integrated CD2 costimulation which conditionally targets ULBP2. Presented data demonstrated robust single-agent anti-tumor activity for EV-104 in patient-derived tumor models of bladder and lung cancer. Additionally, study results showed promising activity for EV-104 in combination with anti-PD1 therapy in pre-clinical models with patient-derived tumors, providing rationale for combination treatment approaches with checkpoint inhibitors. Importantly, the expression pattern for ULBP2, the target antigen for EV-104, is distinct from that of the solid tumor targets for a number of approved or investigational immunotherapies, suggesting opportunities for meaningful clinical differentiation.
About EvolveImmune Therapeutics
EvolveImmune Therapeutics, Inc. is an immunotherapy platform company developing first-in-category, multifunctional biotherapeutics designed to overcome cancer-driven immunodeficiency in a range of solid tumors and hematological cancers. First-in-human clinical trials are anticipated in 2024. The company is supported by a syndicate of top-tier life science industry investors including Pfizer Ventures, Solasta Ventures, Takeda Ventures, Inc., Yonjin Ventures and Elm Street Ventures.
For more information, please visit: www.evolveimmune.com
