Biotech company Deka Biosciences recently announced that it has successfully closed a $20 million Series B2 financing with a syndicate of life science investors led by MPM BioImpact and joined by additional investors, including Leaps by Bayer, Lumira Ventures, O-Bio (Echo Investment Capital), Viva BioInnovator, Alexandria Venture Investments, Amana Investments, Plains Ventures, ATEM Capital and CEO John Mumm. The funding proceeds will support the advancement of Deka’s pipeline and drug product manufacturing as they continue clinical trials after receiving a notice to proceed letter from the FDA for their investigational new drug (IND) application to evaluate DK210 (EGFR). Detlev Biniszkiewicz, Ph.D. of MPM-BioImpact, will join the Deka board.
The funding round follows the seed round investment of $5 million led by CEO John Mumm, Series A financing of $20 million announced in November 2021, co-led by Leaps by Bayer and ECHO Investment Capital, and a $21.5 million Series B1 co-led by Lumira and Leaps by Bayer in 2022. The previous funding rounds have enabled Deka to advance a pipeline of multiple Diakines, conduct critical IND-enabling experiments, manufacture drug substance/drug product with Cytovance Biologics, start the first Phase I clinical trial, and expand into a new facility.
KEY QUOTES:
“This financing round is a significant milestone. We appear to be the only company that has dissociated IL-2 potency from toxicity. It is gratifying to be supported by investors who recognize the potential of our innovative science to radically improve immunotherapy treatments by evaluating each patient’s immune system and combining biology with the power of precision medicine.”
“We have only raised $55 million to date and are already proceeding to dose our third cohort in our Phase 1 clinical trial. Thus far, we have established safety and clear signs of immune activation in our first 2 cohorts. We are encouraged by these results and believe that this combined approach will result in safer, more efficacious, and cost-effective immunotherapies.”
- Dr. John Mumm, CEO of Deka
“Deka’s unique vision of rationally combining multiple cytokines in a single therapeutic, and the potential impact this could have for patients suffering from cancer and autoimmunity, was deeply intriguing to the MPM BioImpact team. We are impressed by the ability of DK210 to improve the safety parameters of IL-2 while maintaining potent anti-tumor responses in cancer patients, and we are thrilled to be working with the Deka team in developing their innovative approach.”
- Dr. Detlev Biniszkiewicz, Managing Director at MPM BioImpact
