US immuno-oncology company Elicio Therapeutics, which Len Blavatnik has incorporated into Clal Biotechnology Industries Ltd. (TASE: CBI) announced today that it has closed its $33 million Series B financing round. After the latest financing round, Clal Biotechnology's stake will fall from 35% to 30%.
The new funds will be used to advance Elicio’s pipeline of novel lymph node targeted immuno-therapies, including ELI-002, an Amphiphile mKRAS vaccine (AMP KRAS). ELI-002 targets all seven KRAS mutations that drive 99% of all mKRAS-driven cancers, estimated to be 25% of all human solid tumors.
Elicio CEO Robert Connelly said, "We believe ELI-002 can become a universal mKRAS vaccine with the potential to treat and prevent disease recurrence for hundreds of thousands of patients with mKRAS-driven cancers, including pancreatic, colorectal and lung cancer. This new funding is a strong endorsement of this program, the Amphiphile platform, and our progress."
Elicio has established an international investor base, which in addition to Clal Biotechnology includes Livzon Pharmaceutical Group and Efung Capital. "We are gratified to be able to expand our investor base and strengthen our balance sheet as we advance multiple Amphiphile immuno-therapies towards initial patient studies," Connelly said.
Published by Globes, Israel business news - en.globes.co.il - on October 3, 2019
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