Rakuten Aspyrian Closes $284M Series C Financing

Rakuten AspyrianRakuten Aspyrian, a San Mateo, California, CA-based biotechnology company developing precision-targeted cancer therapies based on its proprietary Photoimmunotherapy platform, raised an additional $134m in a second tranche of its Series C financing, bringing the total amount raised to $284m.

Backers included the SBI Group, Japan and Rakuten Inc.

Rakuten Aspyrian has raised approximately $372m in equity since it was founded in 2015.

The company intends to use the funds to advance its proprietary investigational compound, ASP-1929 Photoimmunotherapy, currently in Phase 3 development for the treatment of patients with recurrent local regional head and neck squamous cell carcinomas (HNSCC), and new proof-of-concept Phase 1/2 studies in additional solid tumors to be initiated in early 2019. The financing will also support manufacturing processes to support the initial launch and commercialization of ASP-1929 if approved in the United States, Japan and Europe.

Led by Mickey Mikitani, CEO, and by Takashi Toraishi, Ph.D., President and Chief Operating Officer, Rakuten Aspyrian is advancing ASP-1929, a conjugate of cetuximab and IRDye 700DX®, which targets epidermal growth factor receptor (EGFR), a cancer antigen expressed in multiple types of solid tumors, including head and neck squamous cell carcinomas, esophagus, lung, colon, pancreas and other cancers. This therapy targets cancer cells, after which the compound is locally activated with red light using a proprietary investigational laser and fiber optics. The local activation of the tumor-selective conjugate targets the tumor but not surrounding normal tissues and structures. ASP-1929 received Fast Track designation by the U. S. Food and Drug Administration for the treatment of HNSCC.

FinSMEs

21/12/2018

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