Flame Biosciences, a NYC-based clinical-stage biopharmaceutical company focused on developing antibodies to treat cancer and inflammatory diseases, completed a $100m common stock financing.
The round was led by Rock Springs Capital, with participation from funds and accounts advised by T. Rowe Price Associates, Inc., Cormorant Asset Management LP, Janus Henderson Investors, Surveyor Capital (a Citadel company), Samsara BioCapital, Adage Capital Management LP, Terra Magnum Capital Partners, Logos Capital and Acuta Capital Partners.
Proceeds from this financing will be used to progress clinical trials and secure additional business development opportunities.
Led by Harlan Weisman, MD, Chief Executive Officer and Co-Founder, Flame is a clinical-stage biopharmaceutical company focused on discovering, acquiring, developing and commercializing therapeutics that address major unmet needs in diseases that are linked to chronic inflammation including cancer, atherosclerotic cardiovascular disease and arthritis.
Flame is currently developing monoclonal antibodies that bind and neutralize interleukin-1β (IL-1β) with the intention of treating multiple diseases, most notably cancer. Multiple models suggest chronic inflammation facilitates tumor formation and progression by creating a tumor microenvironment (TME) that supports cancer cell proliferation and suppresses immune surveillance. Clinical data also support the notion that IL-1β is a key mediator of this chronic inflammation, and that FL-101, Flame’s IL-1β neutralizing antibody, has the potential to effectively treat cancer.
FL-101 will enter the clinic in the first half of 2021 for proof-of-concept testing in patients with non-small cell lung cancer. Based on both preclinical and clinical data, Flame believes FL-101 has potential best-in-class attributes.