Nectin's Series A Hits $25M as Investors Support New Target for Solid Tumors
Summary
From L-R: Nectin Co-founder and CSO Pini Tsukerman (Ph.D.) Senior Scientist Akram Obiedat (Ph.D) and Lab/Operations Manager Anas Atieh (MSc)Nectin Therapeutics announced dosing of the first solid tumor patient in a Phase I clinical trial Wednesday while additional investors jumped in to expand the companys Series A to just over $25 million.The Israeli/New Jersey biotechs lead asset, NTX1088, a monoclonal antibody, is a first-in-class PVR (CD155) blocker for patients with locally advanced and metastatic solid tumors. Investors were particularly interested in the science and perhaps more uniquely attracted by the companys country of origin.David Sidransky, an oncologist and board member for Israel Biotech Fund, said IBF was looking for something in the immunotherapy space that was differentiating. He pointed to the recent early Phase II success for Gilead and Arcus Biosciences in combining anti-PD1 and anti-TIGIT therapies and was intrigued by Nectins PVR-blockers three-punch potential.We believe in this pathway and we think Nectins unique way of targeting it is one that actually has potential, Sidransky told BioSpace.IBF only invests in companies with a footprint in Israel. The group led the Series A expansion alongside Peregrine Ventures, with participation from aMoon fund - all three organizations hailing from Israel. In addition to leveraging a network of full-time consultants to help with the launch of this Phase I, the company will also be expanding the clinical management team.Its quite rare to find a new potential target, especially within immuno-oncology, and especially with kind of the unique attributes that were seeing in PVR, Tenenbaum said.