On March 3, 2022 Aston Sci. (CEO: Hun Jung, Dr. Harry Hunwoo Shin) reported the completion of the Series C funding at a scale of USD 22.7 million in December last year (Press release, Aston Sci, MAR 3, 2022, View Source [SID1234609487]). Aston Sci. is a clinical-stage biopharmaceutical company based on a pipeline portfolio of innovative medicines with a focus on therapeutic cancer vaccines .
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With a compelling safety profile and treatment effects to prevent cancer recurrence after a standard treatment, therapeutic cancer vaccines are drawing attention from the high-risk patients with early-stage cancer in the global market.
In addition to the five existing investors including Timefolio Asset Management and Mirae Asset Venture Investment, four new investors participated in the Series C funding round. Including the Series C funding, Aston Sci. has attracted investment at a scale of USD 40 million in total. The raised fund will be used in global clinical development and drug discovery projects.
"The funding has been made possible as investors highly evaluated the clinical development expertise and execution capacity of Aston Sci. despite recent uncertainty toward biotech sector in investment markets," said Dr. Harry Shin. "Starting with the phase 2 randomized-controlled clinical trial (multinational study in the U.S., Australia, and Taiwan) for AST-301 expected to take place during the second quarter of this year, the value of each pipeline will continuously increase."
Aston Sci. has secured ten pipelines in preclinical and clinical stages including two clinical stage therapeutic cancer vaccines for which the study results were presented at the 2021 ASCO (Free ASCO Whitepaper) Annual Meeting and the 2021 SITC (Free SITC Whitepaper) Annual Meeting. The company plans to develop a stable new drug development portfolio by expanding its pipeline to 15 drugs in four clinical fields by 2030. In particular, for AST-301, a phase 2 RCT program is soon to commence in Australia, the U.S., and Taiwan, targeting HER2 +1/+2 breast cancer patients.
Aston Sci. decided to list on the KOSDAQ in order to facilitate its clinical and business development, and the company will prepare for its listing by applying for a technology evaluation in the second half of this year.