On April 15, 2020 PIC Therapeutics ("PIC"), a biotechnology company focused on transforming the treatment of cancer though the selective modulation of oncogene translation, reported that it closed a $5M Series Seed round of preferred equity funding (Press release, PIC Therapeutics, APR 15, 2020, View Source [SID1234556361]).
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The oversubscribed round was led by Advent Life Sciences ("Advent"), and included participation by Belinda Termeer, widow of legendary Genzyme CEO Henri Termeer, as well as several biopharmaceutical industry executives and other individual investors.
PIC Therapeutics was founded based on the extensive research of scientific founder Professor Gerhard Wagner of Harvard University and is led by founding CEO Sun Altbach, a 20+ year life sciences veteran and by Dr. Alan Walts, Executive Chairman and Venture Partner at Advent Life Sciences. PIC is supported by a world-renowned Scientific Advisory Board and Board of Directors.
PIC targets the "master switch" of cancer signaling pathways, blocking oncogene protein production by selectively modulating the Pre-Initiation Complex (PIC), specifically eIF4E – a convergence point driving oncogene RNA translation. PIC Therapeutics’ targeted approach has the potential to simultaneously impact multiple oncogenic drivers leading to a powerful new generation of cancer-treating therapeutics that address drug resistance and tumor heterogeneity, issues that plague many existing treatments.
Sun Altbach, CEO commented, "This is an important step for PIC as we seek to transform how cancer is treated and therefore make a significant difference in patients’ lives. With this funding in hand we can accelerate our program focusing on allosteric regulation of eIF4E via an innovative drug development platform designed to produce early proof of concept in advance of the clinic."
Alan Walts, Executive Chairman and Venture Partner at Advent added, "PIC is a leader in the rapidly advancing field of translational modulation of oncogenes. PIC has developed a best in class portfolio of proprietary small molecule modulators of eIF4E and a comprehensive platform to validate human tumor activity. We are pleased to support their efforts to develop a new class of cancer therapies."
PIC’s Board of Directors consists of:
Alan Walts, PhD, Executive Chairman of the Board; Venture Partner, Advent Life Sciences
Sun Altbach, MBA, CEO and President, PIC Therapeutics
Richard Peters, MD, PhD, Co-Founder, PIC Therapeutics; CEO Yumanity Therapeutics
Belinda Termeer, Termeer Foundation
Gerhard Wagner, PhD, Co-Founder, PIC Therapeutics; Elkan Rogers Blout Professor of Biological Chemistry and Molecular Pharmacology, Harvard Medical School
PIC’s Scientific and Corporate Advisory Board consists of:
Keith Flaherty, MD, Director of Clinical Research at the Cancer Center at MGH
Jennifer Petter, PhD, Founder and Chief Scientific Officer of Arrakis Therapeutics
Nahum Sonenberg, PhD, Biochemistry Professor and Gilman Cheney Chair, McGill University
Yat Sun Or, PhD, Chief Scientific Officer, Enanta Pharmaceuticals
Jan Van Heek, MBA, Board Member, Amarin Corporation and Minerva Neuroscience
Gerhard Wagner, PhD, Co-Founder, PIC Therapeutics; Elkan Rogers Blout Professor of Biological Chemistry and Molecular Pharmacology, Harvard Medical School