Cell therapy company Cartherics has raised over its target $15 million in an oversubscribed financing round.
The company said the funding will support the initiation of the clinical trial for CTH-401, its lead cell therapy product for treating ovarian cancer, as well as broaden its pipeline to include other disease indications.
CEO Professor Alan Trounson AO said, “The successful capital raising, in times of scant investment support in biotechnology, is welcome and further supports confidence in the company for the delivery of effective therapies in ovarian cancer and other difficult diseases.”
CTH-401 is a natural killer (NK) cell product currently under development that incorporates a chimeric antigen receptor (CAR) that targets the adenocarcinoma-specific antigen TAG-72. TAG-72 is a well-validated tumour marker widely expressed in a range of solid tumours, including ovarian, gastric, colorectal, prostate, and pancreatic cancers.
Cartherics said it has demonstrated that CTH-401 is effective in killing ovarian cancer cells in both tissue culture and animal models, with initiation of the first clinical trial planned for next year.
Cartherics chair Bob Moses said, “We are eager to initiate the clinical trial for CTH-401, building on the promising results from our preclinical studies. This important milestone underscores our commitment to delivering innovative treatments for ovarian cancer and highlights the confidence our investors have in our vision to enhance patient outcomes and drive growth.”