BeneVir Biopharm, Inc., a Rockville, MD-based biotechnology company developing a pipeline of cancer immunotherapies, closed a Series A investment round with Pansend, LLC, an indirect wholly owned subsidiary of HC2 Holdings, Inc. (OTCQB: HCHC).
The amount of the deal was not disclosed.
The company intends to use the funds to conduct initial proof-of-concept clinical studies of its lead product, further develop the pipeline, and establish partnerships to test promising combination therapies in a diverse set of metastatic solid tumors.
Founded in 2011 and led by CEO Matt Mulvey, Ph.D., BeneVir BeneVir is developing a novel platform of cancer immuno-therapies based on oncolytic viruses. Its core technology was licensed from New York University (NYU) and originally developed by Ian J. Mohr, Ph.D., NYU Langone Medical Center. The company used this core technology to develop a pipeline of cancer immunotherapy drug candidates that affect antigen presentation in both tumor cells and antigen presenting cells. BeneVir’s pipeline consists of oncolytic viruses delivered locally or systemically. Once inside tumors, the viruses selectively destroy cancer cells, evade elimination by the immune system, and activate multiple classes of anti-tumor immune cells.