AvenCell Therapeutics – a leading clinical-stage cell therapy company focused on advancing both autologous and allogeneic switchable CAR-T cell therapies – announced that it has raised $112 million in Series B funding. Global life sciences investor Novo Holdings led the funding.
New investors F-Prime Capital, Eight Roads Ventures Japan, Piper Heartland Healthcare Capital, and NYBC Ventures participated in the round alongside founding investor Blackstone Life Sciences. As part of this funding, Michael Bauer, Ph.D., Partner, Venture Investments, Novo Holdings, and Nihal Sinha, MB BChir, Partner, F-Prime Capital, will join AvenCell’s Board of Directors.
This latest funding will support ongoing clinical validation of AvenCell’s proprietary, switchable universal CAR-T cell therapy platform. This platform generates CAR-T cells that can rapidly be turned “Off” and “On” even after they are administered to a patient. The universal platform was developed to treat a wide range of hematologic malignancies more safely and effectively than conventional cell therapies. Current clinical assets utilizing AvenCell’s universal platform include AVC-101, a highly differentiated autologous CAR-T cell candidate, and AVC-201, a CRISPR-engineered allogeneic CAR-T cell candidate.
These products target the antigen CD123 found on most Acute Myeloid Leukemia (AML) cells. And the ongoing trials are investigating both products for the treatment of relapsed/refractory AML, which has a high unmet medical need, and very limited treatment options for patients. Plus, AvenCell has several pipeline candidates entering the clinic over the next two years.
KEY QUOTES:
“We are excited by the progress of our pipeline and believe our next-generation immunotherapies have the power to address significant unmet patient needs. AvenCell is working to transform the standard of care through switchable, adaptable and readily available cell therapy treatments that can better treat a wide range of difficult-to-treat cancer and autoimmune diseases. The support of Novo Holdings and this leading group of new investors will be integral to our ability to progress and bring these therapies to patients.”
– Andrew Schiermeier, Ph.D., Chief Executive Officer, AvenCell Therapeutics
“AvenCell’s universal switchable technology and CRISPR-engineered allogeneic platforms are first-of-its-kind and represent a step change in the field of cell therapy. Both AVC-101 and AVC-201 have already yielded encouraging safety and efficacy results in early clinical trials in a very difficult to treat disease like AML. Our investment reflects our confidence in these assets and the future of cell therapy, as well as our long-held strategy to support companies transforming care solutions to enhance patient outcomes.”
– Michael Bauer, Partner, Venture Investments, Novo Holdings
“AvenCell’s switchable CAR-T platform represents a paradigm shift in cell therapy, offering unprecedented control over treatment dynamics. The ability to modulate CAR-T cell activity post-infusion could address critical safety and efficacy challenges in current therapies. We look forward to supporting AvenCell’s journey in advancing these promising cell therapies through clinical development, with the potential to address significant unmet needs in the treatment landscape.”
– Nihal Sinha, MB BChir, Partner at F-Prime Capital
