Pathios Therapeutics drew in $25 million for the first close of a Series B raise that should help the UK biotech test its first-in-class solid tumor candidate in clinical trials by the end of the year.
The raise will also be used to expand Pathios, including its executive team, “to align with its continued evolution,” the company said Thursday. The biotech was founded in 2017 by Tom McCarthy and Alan Naylor. It has approximately 20 staffers, a spokesperson said.
Bristol Myers Squibb pitched in for the Series B with Canaan and Brandon Capital, who also contributed during the biotech’s 2019 Series A. Separately, on Wednesday, Canaan said it injected more money into its 13th fund, with plans to significantly invest in biopharma.
Pathios is aiming to develop a drug to target tumors that do not respond to available T cell checkpoint inhibitors. GPR65 is found in immune cells and by inhibiting this receptor, it can make it easier for the immune system to attack cancer cells that would otherwise be protected by an acidic tumor microenvironment, the company said.
Tom McCarthyIts oral GPR65 inhibitor, dubbed PTT-4256, is expected to enter the clinic this year. “While our initial clinical study will have all the hallmarks of a first-in-human trial, it will also feature a biomarker-rich design that allows for the measurement of clinical target engagement,” CEO Stuart Hughes said in a statement.
According to Pathios, GPR65 is not only a cancer target but is “genetically associated” with a variety of diseases that is moderated by the immune system.
“It is particularly gratifying to know that our investors share our belief not only in the foundational science we are pursuing but also the significant range of potential therapeutic applications for the platform, both broadly across the field of cancer and into other immunologically mediated diseases,” McCarthy said.