closes $75 million Series B financing to advance lead drug program into the clinic and broaden pipeline of novel anti-cancer therapies targeting untapped drug mechanisms
Summary
Normunity closes $75 million Series B financing to advance lead drug program into the clinic and broaden pipeline of novel anti-cancer therapies targeting untapped drug mechanismsFinancing co-led by Samsara Biocapital and Enavate Sciences, with participation from Pfizer Ventures and Regeneron Ventures in addition to other new and existing investorsNormunitys lead program is a novel T cell engager against a tumor-specific target that is relevant in multiple solid tumors and has the potential to be leveraged for a range of biologic modalitiesBoston, Mass., and New Haven, Conn. January 13, 2024 Normunity, a biotechnology company creating novel anti-cancer therapies, today announced that it has closed a Series B financing for $75 million. The company plans to initiate the Phase 1 clinical trial of NRM-823 in 2H 2025 and leverage its prior work by advancing other modalities against this tumor-specific target, including antibodydrug conjugates and radiotheranostics. These pipeline candidates derive from Normunitys proprietary target discovery process, conducted in collaboration with the lab of Professor Lieping Chen, MD PhD, at the Yale University School of Medicine, and built on insights into untapped biological mechanisms that occur from the complex interactions of the immune system and cancer.Normunity has an outstanding team that has made impressive progress in discovering and advancing an exciting cancer drug program in NRM-823, which has the potential to address a previously unrecognized target that plays a role in supporting cancer survival across a range of solid tumors, said David Parry, PhD, Venture Partner at Samsara BioCapital. We look forward to working with the Normunity team as they continue to advance NRM-823 and other novel agents in the pipeline.The T cell engager space has seen multiple recent successes in solid tumors, and we believe this modality is poised to transform the treatment of numerous cancers in the coming years, said Sara Nayeem, MD, EVP, Investments at Enavate Sciences. The companys lead program, NRM823, is a T cell engager with tumor-specific targeting for multiple solid tumors and is expected to enter the clinic in 2025.