On March 24, 2020 Apexigen, Inc., a clinical-stage biopharmaceutical company focused on discovering and developing a new generation of antibody therapeutics for oncology, reported the completion of a $65 million equity financing (Press release, Apexigen, MAR 24, 2020, View Source [SID1234555801]). The financing was led by Decheng Capital and new investor Oceanpine Capital and included participation from other new and existing investors. This financing is an extension of the Company’s Series C financing of $58 million, which was previously announced in August 2018, bringing the total amount raised in the Series C to $123 million. The completion of the Series C financing brings the total equity raised to date by the company to $158 million.
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Apexigen intends to use these proceeds to support the ongoing clinical development of its lead immunotherapeutic, APX005M, a monoclonal antibody targeting CD40. Currently, APX005M is in multiple Phase 2 clinical trials to treat different types of solid tumors. The proceeds will also be used to develop Apexigen’s pipeline of therapies, including the advancement of at least one new proprietary immunotherapeutic product candidate into Phase 1 clinical development.
"Over the past year and a half we have made exceptional progress and generated compelling data from our ongoing clinical trials with APX005M, which to date have enrolled and treated over 400 cancer patients. In addition, the regulatory approval and commercial launch of a licensed product, the first for a product that emerged from our APXiMAB discovery platform, provided further validation for the platform," said Xiaodong Yang, M.D., Ph.D., President and Chief Executive Officer of Apexigen. "We welcome the support of both new and existing investors in our efforts to advance a new generation of immunotherapeutic agents to treat a diverse range of malignancies."
About APX005M
APX005M is a novel, humanized monoclonal antibody that stimulates the anti-tumor immune response. APX005M targets CD40, a co-stimulatory receptor that is essential for activating both innate and adaptive immune systems. Binding of APX005M to CD40 on antigen presenting cells (i.e., dendritic cells, monocytes and B-cells) initiates a multi-faceted immune response bringing multiple components of the immune system (e.g., T cells, macrophages) to work in concert against cancer. APX005M is currently in Phase 2 clinical development for the treatment of cancers such as pancreatic cancer, esophageal and gastroesophageal junction cancers, melanoma, non-small cell lung cancer and sarcoma in various combinations with immunotherapy, chemotherapy or radiation therapy.