Cell therapy immuno-oncology company Carina Biotech has reported a successful $5 million capital raise from existing and new shareholders.
The company said the funding will support the continued progress of the clinical trial of its proprietary CAR-T CNA3103 therapy in patients with advanced colorectal cancer.
CNA3103 is the first Australian CAR-T therapy to undertake a US FDA Investigational New Drug submission successfully and to be both manufactured and in a clinical trial in Australia.
Colorectal cancer is the second leading cause of cancer deaths among men and women combined and is the deadliest form of cancer in Australians aged 25 to 34.
“We are delighted to have the continued substantial support of existing and new investors,” said Carina CEO Dr Deborah Rathjen. “Funds from the capital raise will support the continued progress of the CAR-T CNA3103 clinical trial towards dose expansion and the initiation of phase 2 in the second half of 2025”.
“This capital injection also supports further development of Carina’s proprietary platform and pipeline,” added Dr Rathjen.