OnCusp Therapeutics Secures Oversubscribed USD100 Million
Series A Financing to Advance Robust Portfolio of Assets for Cancer Patients.
NEW YORK: OnCusp Therapeutics, Inc., a
pioneering biopharmaceutical company, is dedicated to transforming cutting-edge
preclinical innovation into clinically validated treatments for cancer patients
worldwide. Today, the company proudly announced the successful completion of an
oversubscribed USD100 million Series A financing round, signaling strong
investor confidence in its mission.
The round was co-led by Novo Holdings,
OrbiMed, and F-Prime Capital, prominent names in the investment landscape. They
were joined by other esteemed investors such as Sofinnova Investments, Catalio
Capital Management, Marshall Wace, Forge Life Science Partners, Blackbird
BioVentures, CJNV BioVenture, and more. Notably, BioTrack Capital served as a
co-lead for the Seed Round, further underscoring the excitement surrounding
OnCusp Therapeutics.
Since its establishment in April 2021,
OnCusp Therapeutics has raised an impressive USD139 million, a testament to the
compelling potential of its innovative approach. With this new injection of
capital, the company aims to advance its lead candidate, CUSP06, an
antibody-drug conjugate (ADC) targeting CDH6, towards clinical
proof-of-concept. The funds will also support the expansion of the OnCusp
portfolio and team, fostering further advancements in the field of cancer
therapeutics.
CUSP06 has demonstrated strong
preclinical data, showcasing its potential for best-in-class activity.
Engineered with a focus on potency, "bystander effect," linker
stability, and overcoming drug resistance, CUSP06 possesses differentiating attributes
that could translate into higher clinical response rates and durability, all
while maintaining an improved safety profile. With FDA Investigational New Drug
(IND) clearance obtained in the third quarter of 2023, CUSP06 is set to embark
on a first-in-human Phase I study in the United States, marking an important
milestone in the journey towards potential clinical breakthroughs.
According to the Co-Founder and CEO of
OnCusp Therapeutics,
“We are grateful to have the trust and support from some of the most prominent
global biotech investors. I am also thankful to the OnCusp team for their
commitment and excellent work. We hold a strong conviction to develop
innovative oncology therapies for patients. This significant Series A financing
enables OnCusp to accelerate the development of CUSP06 and other game-changing
therapeutics in our fight against cancer."
According to TechSci Research, Accessing cancer treatments
can often be influenced by a range of financial considerations. From the cost
of medications and therapies to the expenses associated with hospital stays and
follow-up care, the financial burden can be significant. Adequate financial
resources not only help cover these costs but also play a critical role in
providing comprehensive patient support services.
Moreover, finances are
indispensable in supporting research and innovation in cancer therapy.
Increased funding allows researchers to explore new avenues and develop novel
approaches to cancer treatment. It empowers scientists to conduct clinical
trials, invest in advanced technologies, and collaborate with other experts in
the field. This ongoing research and innovation not only drive the development
of new treatments but also enable the improvement of existing ones. By
continuously refining and optimizing cancer therapies, patients can benefit
from more effective and targeted interventions, ultimately leading to better
outcomes and higher chances of remission.