Solu Therapeutics, a biotechnology company pioneering therapies to eliminate disease-driving cells in cancer, immunology, and other therapeutic areas, announced the completion of a $41 million Series A financing that included participation from five new investors – Eli Lilly and Company, Biovision Ventures, Pappas Capital, Hengdian Group Capital (HgC), and The Leukemia & Lymphoma Society Therapy Acceleration Program along with continued support from existing Solu investors Longwood Fund, DCVC Bio, Santé Ventures, Astellas Venture Management, and Alexandria Venture Investments.
The company also announced the initiation of treatment of the first patient in its first-in-human Phase 1 clinical trial evaluating STX-0712 in patients with resistant/refractory chronic myelomonocytic leukemia (CMML) and other hematologic malignancies.
The proceeds from the Series A funding will be used to complete dose escalation and expand the company’s lead CCR2-CyTAC program, STX-0712, for treating CMML. Additionally, the funding will support the generation of new development candidates, including a novel, first-in-class mast cell depletor for immunological diseases, initiation of discovery programs targeting pathogenic cells, further pipeline expansion, and exploration of new applications for the CyTAC and TicTAC platforms.
STX-0712 was designed to selectively eliminate CCR2-positive malignant monocytes in patients with advanced hematologic malignancies, with an initial focus on CMML. And the Phase 1 trial of STX-0712 is an open-label, multicenter study designed in two parts. Part A will focus on dose escalation to determine the maximum tolerated dose and/or minimum effective dose, enrolling participants with resistant/refractory CMML. Part B will further evaluate safety, tolerability, recommended Phase 2 dose and preliminary antitumor activity of STX-0712.
KEY QUOTES:
“In the short period since our initial seed funding, Solu Therapeutics has rapidly advanced to a clinical-stage company targeting areas of high unmet medical need for patients. With this Series A round we are grateful for the continued support from our existing investors and are excited to welcome several new investors who recognize the potential of our novel CyTAC (Cytotoxicity Targeting Chimera) and TicTAC (Therapeutic Index Control Targeting Chimera) platforms. These technologies have demonstrated an unprecedented ability to unlock high-value cell surface targets that are beyond the reach of traditional antibodies, making it possible to eliminate disease-driving cells with greater precision and efficacy.”
- Philip J. Vickers, President and CEO at Solu Therapeutics
“Our team is thrilled to initiate this first-in-human clinical trial of STX-0712, marking a significant step forward in our mission to develop innovative therapies for patients with high unmet medical needs. By directly depleting the CCR2-positive malignant monocytes driving CMML, STX-0712 has the potential to offer a highly specific and targeted therapy for patients who currently have limited treatment options available. This trial represents an important milestone for Solu Therapeutics as we work to bring novel and potentially more effective targeted therapies to patients with CMML and other hematologic malignancies.”
- Sergio Santillana MD, Chief Medical Officer
