On August 26, 2020 Phosplatin Therapeutics LLC, a clinical stage pharmaceutical company focused on oncology therapeutics, reported the completion of an oversubscribed $18.4 million private financing round (Press release, Phosplatin, AUG 26, 2020, View Source [SID1234564995]). Participation included new and existing investors, inclusive of family offices from the US, Europe and Asia-Pacific, and high net worth individuals.
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Robert Fallon, President and Chief Executive Officer of Phosplatin Therapeutics, commented, "The success of the financing underscores the breadth of our data from three different Phase I trials and the broad potential of our lead compound, PT-112, which is advancing through clinical development as a monotherapy, including in mCRPC and multiple myeloma, and in combination with PD-L1 immune checkpoint inhibition. We plan to utilize the proceeds of this capital raise to complete Phase 2 development of PT-112, and our continued planning prior to launching intended pivotal trials."
Phosplatin Therapeutics has raised $56 million in equity capital since inception, and receives milestone fees from its sub-licensee for Greater China.
About PT-112
PT-112 is the first small molecule conjugate of pyrophosphate developed in oncology therapeutics. PT-112 promotes immunogenic cell death (ICD), or the release of damage associated molecular patterns (DAMPs) that lead to downstream immune effector cell recruitment in the tumor microenvironment. PT-112 represents a potential best-in-class small molecule inducer of this immunological form of cancer cell death, and is under Phase 2 development. The first-in-human study of PT-112 demonstrated an attractive safety profile and evidence of long-lasting responses among heavily pre-treated patients, and won "Best Poster" at the ESMO (Free ESMO Whitepaper) 2018 Annual Congress within the Developmental Therapeutics category. The novelty of its pyrophosphate moiety also results in osteotropism, or the propensity of the drug to reach the mineralized bone. This property is of interest in cancer types that originate in bone, or frequently lead to metastatic bone involvement, such as metastatic castrate-resistant prostate cancer (mCRPC). The first human clinical results in mCRPC were presented at the 2020 Genitourinary Cancers Symposium.