AvenCell Therapeutics Secures $112M Series B Financing to Advance Next-Generation Switchable Allogeneic CAR-T Therapies

Oct 22, 2024 19:16 CST Updated 19:16

AvenCell Therapeutics

Cell Therapy Developer

Novo Holdings

Venture Capital and Asset Management Firms

F-Prime Capital

Healthcare Venture Capital Firms

NYBC Ventures

Venture Capital Firms

Eight Roads Ventures

Venture Capital Firm

Piper Heartland Healthcare Capital

Healthcare Investment Firms

Blackstone Life Sciences

Life Sciences Fund

October 22,Watertown, Massachusetts-based AvenCell Therapeutics, a leading clinical-stage cell therapy company focused on advancing autologous and allogeneic switchable CAR-T cell therapies, announced the completion of a $112 million Series B financing. The financing was led by global life science investor Novo Holdings, with new investors F-Prime Capital, Eight Roads Ventures Japan, Piper Heartland Healthcare Capital, and NYBC Ventures joining alongside founding investor Blackstone Life Sciences in this round. As part of the financing, Dr. Michael Bauer, Venture Partner at Novo Holdings, and Nihal Sinha MB BChir, Partner at F-Prime Capital, will join AvenCell's Board of Directors.

AvenCell Therapeutics, Inc. was launched in 2021 by Blackstone Life Sciences, Cellex Cell Professionals, and Intellia Therapeutics. With $250 million in committed capital from Blackstone as its sole founding investor, AvenCell Therapeutics combines the licensure of Intellia’s proprietary CRISPR/Cas9-based allogeneic platform with switchable universal T-cell technology developed by former Cellex subsidiary GEMoaB GmbH to create a pipeline of autologous and allogeneic universally reprogrammable T-cell products, initially focused on difficult-to-treat cancers.

This latest financing will support the ongoing clinical validation of AvenCell Therapeutics' proprietary switchable universal CAR-T cell therapy platform, which generates CAR-T cells that can be rapidly "turned off" and "turned on" even after being administered to patients. Compared with conventional cell therapies, the development of a universal platform aims to treat various hematologic malignancies more safely and effectively. Current clinical assets utilizing AvenCell’s universal platform include a highly differentiated autologous CAR-T cell candidate pipeline, AVC-101, and CRISPR-engineered allogeneic CAR-T.Cell Candidate PipelineAVC-201. Both products target the antigen CD123, which is found on most acute myeloid leukemia (AML) cells. Ongoing trials are investigating these two treatments for relapsed/refractory AML, where unmet medical needs persist and treatment options for patients are very limited. Additionally, AvenCell Therapeutics has several drug candidates expected to enter clinical trials within the next two years.

AvenCell Therapeutics CEO Dr. Andrew Schiermeier stated:"We are excited about the progress of our product pipeline and believe that our next-generation immunotherapy has the potential to address significant unmet needs for patients. AvenCell Therapeutics is committed to transforming the standard of care through switchable, adaptable, and accessible cell therapy treatments that can better treat a variety of difficult-to-treat cancers and autoimmune diseases. The support from Novo Holdings and this group of new investors will be an indispensable part of our ability to make progress and bring these therapies to patients."

Michael Bauer, Venture Partner at Novo Holdings, stated:"AvenCell’s universal switchable technology and CRISPR-engineered allogeneic platform are the first of their kind, representing a significant transformation in the field of cell therapy. AVC-101 and AVC-201 have already demonstrated encouraging safety and efficacy results in early clinical trials for highly refractory diseases such as AML. Our investment reflects our confidence in these assets and the future of cell therapy, as well as our long-standing strategy to support companies in transforming care solutions to improve patient outcomes."

Nihal Sinha, Partner at F-Prime Capital, stated:"AvenCell's switchable CAR-T platform represents a paradigm shift in cell therapy, providing unprecedented control over the treatment dynamics. The ability to modulate CAR-T cell activity post-infusion can address critical safety and efficacy challenges in current therapies. We look forward to supporting AvenCell in advancing these promising cell therapies through clinical development, with the potential to meet significant unaddressed needs in the therapeutic landscape."

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