OncoSynergy, a US-based oncological therapeutics spinout from University of California, San Francisco (UCSF), has completed a series A round of undisclosed size led by government-owned investment firm Connecticut Innovations.
The deal also featured payment processing platform operator Korea Information & Communication and family office NLabs.
OncoSynergy’s approach combines a therapeutic mode known as the resistance mechanism inhibitor (RMI) with other oncological medications to target several cancerous pathways simultaneously. RMIs have the potential to target both solid tumours and blood-related cancers.
OncoSynergy was co-founded by Catherine Park, chair of the Department of Radiation Oncology, with W Shawn Carbonell, who researched glioblastoma therapy resistance at the Department of Neurological Surgery, and Anne-Marie Carbonell, a biochemistry graduate from University of Missouri-Columbia.
The capital will be used to prepare OncoSynergy’s lead program, OS2966, for clinical trials in 2019 aimed at treating glioblastoma, a malignant brain tumour that is difficult to cure and often fatal.
OncoSynergy will relocate from California to Connecticut in connection with the investment and plans to grow its headcount in preparation for clinical trials, which will be undertaken alongside medication delivery device developer Infuseon Therapeutics, a spinout from Cleveland Clinic.
Amanda Hayward, managing director of VC investments at Connecticut Innovations, said: “We are very pleased to fund OncoSynergy’s highly innovative OS2966 program toward the clinic.
“Glioblastoma remains a major unmet need, and we believe RMIs have the potential to be a game-changer not only in brain cancer, but in oncology more broadly.”
OncoSynergy agreed to an acquisition by biotech developer DanDrit Biotech USA but the deal appears to have collapsed before completion, with DanDrit instead acquiring HIV-focused drug developer Enochian Biopharma and rebanding to Enochian Biosciences earlier this year.