LOS ANGELES, Feb. 08, 2023 (GLOBE NEWSWIRE) -- NeOnc Technologies Holdings, Inc., a clinical stage medical biotechnology company, has completed a $10.0 million equity funding round at a post-money valuation of $70 million.
The proceeds were used to conduct Phase 2 clinical trials of NEO 100™, an enhanced method of delivering pharma-based therapeutics to the brain designed for the treatment of brain and central nervous system (CNS) diseases.
The funding participants included Eminent II Venture Capital (the investment arm of TaiAn Venture Funds), Orion BioScience, and Lin Family Office.
NeOnc’s proprietary biotechnology breakthroughs are the result of more than a decade of research and development by its highly accomplished medical and scientific teams. NeOnc’s patent portfolio consists of 95 patents U.S. and international patents.
NeOnc’s technology focuses on segments of the global CNS treatment market which is expected to grow from $89 billion in 2021 to $166.5 billion by 2028 at a CAGR of 9.4%, according to Future Business Insights.
“The financing has helped us to advance the commercialization of NEO 100 for Grade IV Gliomas and NEO 212 for treatment of malignant gliomas,” stated NeOnc’s chairman and CEO, Thomas Chen, MD, Ph.D. “Following the success of our Phase 1 clinical trials, we have established a timeline for further trials which we believe should provide certain data required for regulatory validation and advancing to commercialization.”
NEO 100 is classified as an orphan drug and is on a fast-track pathway for FDA approval. Because of the successful studies to-date of NEO 100 for treating Grade IV Gliomas, NeOnc has begun work on a pediatric rare disease indication for children with high grade Gliomas.
The company currently expects to utilize NeOnc’s platform technology to launch Phase One clinical trials for its second drug, NEO 212™. The company hopes to submit NEO 212™ for approval as an investigational new drug and currently plans on filing pediatric rare disease designation by the end of 2023.
The company’s funding to date (equity and NIH grants) totals approximately $14.0 million.
About NeOnc Technologies Holdings Inc.
NeOnc is a privately held biotechnology company focused on creating novel drugs and delivery methods for pharma-based therapeutics that target brain and central nervous system diseases. The company’s NEO 100 is its first therapeutic that completed Phase One clinical trials in April 2019. It is also developing several proprietary chemotherapy agents that have demonstrated positive effects in laboratory tests on various types of cancers. As the result of its extensive research and development efforts, the company has assembled an extensive portfolio of patented intellectual property around these proprietary chemotherapy agents. To learn more about NeOnc, visit neonctech.com.
Important Cautions Regarding Forward Looking Statements
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Generally, such forward-looking statements include statements regarding our expectations, possible or assumed future actions, business strategies, events or results of operations, including statements regarding our expectations or predictions or future financial or business performance or conditions and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate," or similar expressions. The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties, and assumptions. Actual results could differ materially from current projections or implied results.
The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management are under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statements following the date of this news release, whether because of new information, future events or otherwise, except as required by law.
“NEO 100” and “NEO 212” are registered trademarks of NeOnc Technologies Holdings, Inc.
NeOnc Contact:
Dr. Thomas Chen, Chairman and CEO
NeOnc Technologies Holdings, Inc.
Email Contact
NeOnc Investor Relations:
Ron Both
CMA Investor Relations
Tel (949) 432-7566
Email Contact
NeOnc Media & ESG Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email Contact
