Diakonos Oncology – a clinical-stage biotechnology company developing a new generation of immunotherapies to treat challenging and aggressive cancers – announced the closing of a $20 million private placement of Simple Agreements for Future Equity (SAFE) to advance the company’s Phase 2 glioblastoma trial for dubodencel, also known as DOC1021, and support the expansion of its clinical portfolio to other indications, including refractory melanoma.
This financing includes backing by new investors Baylor College of Medicine (BCM), the Brain Tumor Investment Fund (BTIF), and the Buttonwood Titan QC Fund, with additional participation from existing shareholders, including CEO Mike Wicks, MS. BCM is also contributing in-kind services toward the company’s pre-clinical and clinical development programs.
This $20 million financing follows Diakonos’ oversubscribed $11.4 million seed financing, which closed last year. It serves as a bridge to a Series A financing that the company plans to launch in the second half of this year.
Placement agent: Joseph Gunnar served as placement agent for Diakonos in the SAFE offering.
KEY QUOTES:
“With our Phase 2 glioblastoma trial underway at leading treatment centers across the U.S., the financing comes at a critical inflection point as we begin defining the path toward commercialization. Early clinical results in both glioblastoma and pancreatic cancer continue to exceed expectations, and when viewed alongside our data from a range of preclinical models, we are increasingly optimistic that this patient-derived immunotherapy holds potential for additional indications with high unmet need.”
Jay Hartenbach, President and Chief Operating Officer of Diakonos Oncology
“The promising Phase 1 data for dubodencel in glioblastoma were a strong motivator for us to help fund the Phase 2 trial, and we are pleased that our investment will serve as a catalyst for additional fundraising as the company advances the glioblastoma program and expands its clinical pipeline.”
John Higgins, Managing Director at the Brain Tumor Investment Fund
“At BCM, we are eager to propel our latest discoveries to the bedside, particularly for new therapies targeting glioblastoma and pancreatic cancer, where patients are in desperate need for better options. We are proud to work with Diakonos to accelerate these exciting early clinical results, and we are eager to support Diakonos as it builds on encouraging pre-clinical data suggesting dubodencel may be more broadly successful for the treatment of other difficult cancers and diseases.”
Joseph Petrosino, Ph.D., Chief Scientific Innovation Officer of Baylor College of Medicine
