Grid Therapeutics, LLC, a Durham, NC-based biotechnology company developing a novel human-derived targeted immunotherapy for cancer, closed its Series B financing.
The round – of undisclosed amount – was led by Milestone Holdings, Paul Funk, a veteran software entrepreneur and founder of Funk Software, and Jeffery “TJ” Heyman, Founder and Chief Investment Officer of Woodbourne Capital Management International.
The company will use the proceeds from the financing to accelerate and expand the development of its lead therapeutic candidate, GT103, for the treatment of solid tumors, and to prepare for clinical trials in cancer patients scheduled to commence in early 2019.
Founded on innovative science developed by Edward F. Patz, Jr., MD, and his team of scientists at Duke University Medical Center, Grid Therapeutics is developing a human derived targeted immunotherapy for cancer. The antibody was discovered in early stage lung cancer patients who never progressed or developed metastasis. The antibody was isolated from patient’s B-cells using state of the art molecular genomic techniques.
“GT103,” the company’s lead asset, is expected to enter a first-in-man Phase 1 clinical trial in advanced-stage solid tumor patients in early 2019.