Adze Biotechnology Completes $6.2 Million First Closing of Series A Financing
Summary
Sidney Hopps, Co-Founder & CEOAdze Biotechnology, Inc., a preclinical-stage oncolytic immunotherapy company developing therapies to treat solid tumors, announced today that it has successfully completed the first closing of its Series A preferred stock financing with a commitment from new and existing investors of $6.2 million. The first tranche has been completed and is part of a total financing round of $15 million.Coinciding with the funding, Brendan Kenny, MBA, and Dr Gloria Olivier, PhD, have joined the Adze board.We look forward to working closely with our new investors and members of the Board of Directors to build our company and advance our therapies into the clinic, said Sidney Hopps, Co-Founder and Chief Executive Officer of Adze Biotechnology. This first close of our Series A furthers our mission of bringing potentially life-saving treatments to patients in need.Adze plans to begin clinical trials in 2024 in melanoma in using Adze systemically deliverable oncolytic immunotherapies. Additionally, clinical trials in prostate cancer are being planned for 2025.Adze-1.17 is an oncolytic immunotherapy platform designed for systemic delivery of immune-stimulatory transgenes and checkpoint inhibitors to distant and local tumors. The Adze oncolytic platform has been engineered to evade the liver for systemic delivery, and features several retargeted sub-platforms tuned for specific cancer tissue targeting.