OnQuality Pharmaceuticals LLC, a Seattle, WA and Shangai, China-based targeted cancer supportive care company developing medications to address specific side effects and improve the quality of life for patients receiving anti-cancer medications, secured an additional $20m in funding and closed its Series A+ financing round.
This brings the total amount of capital raised in Series A and A+ to $35m.
This round included participation from Shiyu Capital, Matrix Partners China, BioTrack Capital, CASH Capital, Sinovation Ventures, FreeS Fund, and additional biotech veterans.
Proceeds from the financing will support the ongoing Phase II clinical trial of the company’s leading compound OQL011, as well as multiple additional targeted cancer supportive care programs anticipated to enter different phases of clinical development over the next 18 months.
The new round of financing will support the development of OnQuality’s drug candidates, which are designed to selectively target key pathways leading to toxicities from cancer treatments.
OnQuality’s lead pharmaceutical candidate portfolio features targeted cancer supportive care therapies for skin toxicities. OQL011, the company’s leading candidate currently being evaluated in a multi-center, randomized, Phase II clinical trial in the U.S., is a topical ointment designed to treat moderate to severe hand-foot skin reaction (HFSR). Additionally, OnQuality is developing two other onco-dermatology agents: OQL023, for the treatment of epidermal growth factor receptor (EGFR)-inhibitor-induced skin rash, and OQL033, for chemotherapy-induced hand-foot syndrome (HFS) (a different condition than HFSR). Both of these agents are undergoing IND-enabling pre-clinical studies, and are expected to enter clinical trials over the next 8-12 months.
In addition to its onco-dermatology portfolio, the company is developing additional targeted cancer supportive care agents designed to address gastro-intestinal and bone marrow toxicities caused by chemotherapies, HER2/EGFR targeted cancer therapies and immuno-oncology agents. These agents are expected to enter into the clincal development phase over the next 18 months.