Provenance Biopharmaceuticals Corp. Announces $8M Financing Arrangement
WALTHAM, Mass., Dec. 22, 2011 /PRNewswire/ — Provenance Biopharmaceuticals Corp. (“Provenance”) announced today the closing of an $8 million financing arrangement with Alopexx Enterprises, LLC for the continued development of anti-cancer therapeutic, DI-Leu16-IL2.
DI-Leu16-IL2 is among a class of molecules called immunocytokines that are being developed for the treatment of various forms of cancer. Immunocytokines, combine the immune stimulating features of cytokines with the targeting properties of antibodies. DI-Leu16-IL2, Provenance’s most advanced program, is a de-immunized form of an anti-CD20 antibody, Leu16, genetically fused to the cytokine, interleukin 2 (IL2). DI-Leu16-IL2 is being studied for the treatment of non-Hodgkin’s lymphoma and other forms of hematological cancer and is currently in an investigator sponsored Phase I clinical trial.
Under the terms of the financing, Provenance and Alopexx Enterprises, LLC have formed a new company, Alopexx Oncology, LLC to manage the clinical development of DI-Leu16-IL2. Financial details of the transaction are not disclosed.
About Provenance Biopharmaceuticals Corp.
Provenance is a clinical-stage biotechnology company focused on developing novel therapeutics for cancer and other serious, life-threatening diseases. The Company’s engineered antibody technologies promote the body’s own immune system to recognize and fight disease. In addition to DI-Leu16-IL2, Provenance has several additional early-stage molecules in development. For more information, please go to http://www.provenancebio.com.
About Alopexx Enterprises, LLC.
Alopexx Enterprises, LLC is a healthcare company focused on acquiring and developing preclinical and early clinical compounds, with an emphasis on infectious diseases, oncology, and CNS. It was founded in 2011 by highly experienced pharmaceutical executives and leverages the unique insights and experiences of its founders and world-class scientific advisors. Beyond the financial investment the group is able to offer hands-on expertise in pre-clinical development, manufacturing, regulatory affairs, logistics, clinical development and partnering. For more information please go to www.alopexx.com.
SOURCE Provenance Biopharmaceuticals Corp.