PACT Pharma Secures $75 Million Series C Financing to Advance Personalized NeoTCR-T Cell Therapies for Solid Tumors

On January 14, 2020, VCBeat (WeChat ID: vcbeat) learned from foreign media that biotechnology company PACT Pharma announced the completion of a $75 million Series C financing round. The round was led by Vida Ventures, a life sciences venture capital firm.

Upon completion of this investment, Helen S. Kim, Managing Director at Vida Ventures, will join the Board of Directors of PACT Pharma. Ms. Kim brings over 25 years of leadership experience in the biotechnology sector and currently serves on the boards of directors of several biopharmaceutical companies, including Assembly Biosciences, Applied Molecular Transport, A2 Biotherapeutics, and Exicure.

Previously, PACT Pharma completed two rounds of financing, raising $30 million in Series A funding in 2016 and $95 million in Series B funding in 2018. The company received support from investment firms including GV, Canaan, Casdin Capital, Foresite Capital, Pontifax, AbbVie Ventures, and Taiho Ventures.

PACT Pharma, headquartered in San Francisco, USA, is a clinical-stage biotechnology company founded in 2016 by David Baltimore, Antoni Ribas, Juan Jaen, and others. The company is dedicated to developing personalized NeoTCR-T cell therapies that leverage autologous T cells for tumor-specific targeted treatment. As a leader in the fields of cancer immunology and cell therapy, PACT Pharma collaborates with teams at the University of California, Los Angeles (UCLA) to utilize genetic engineering technologies for the development of immune cell therapeutic agents.

Currently, NeoTCR-T cell therapy is in Phase I clinical trials. This phase involves biopsies of patients’ cancer tissues, assessment of tumor-specific mutations using predictive algorithms, isolation of target T cells, and biological validation of optimal targets. The PACT Pharma team integrates this information with cutting-edge genomic engineering technologies to edit patients’ T cells and construct tumor-specific T cells. Studies have demonstrated that these edited T cells can effectively kill tumor cells.

It is reported that PACT Pharma plans to use the funds from this financing round to expand its clinical development program, developing NeoTCR-T cell products targeting multiple neoantigens and applying them to a range of solid tumors. In addition, PACT Pharma will open a GMP manufacturing facility in South San Francisco, USA, in 2020 to support the end-to-end production and supply chain for NeoTCR-T cell engineering. Under the guidance of industry veteran Tim Moore, President and Chief Technology Officer, PACT will leverage the new manufacturing facility to implement automated analytical and manufacturing processes, thereby shortening production cycles and reducing manufacturing costs.

Alex Franzusoff, CEO of PACT Pharma, stated, “We are delighted to have the support of renowned investors who understand the potential of NeoTCR-T cell therapy and possess extensive experience in the field of cell therapy. Meanwhile, I believe Vida Ventures is an excellent partner, given their rich operational expertise in the research, clinical development, and manufacturing of cell therapies.”

Helen S. Kim stated, “Our investment in PACT Pharma reflects our mission to embrace cutting-edge innovation, fund scientific advancement, and improve patients’ quality of life. PACT Pharma has developed a personalized T-cell therapy platform with the potential to treat solid tumors that are currently difficult to cure.”

Vida Ventures, founded in 2017 and headquartered in Boston, Massachusetts, USA, is a venture capital firm specializing in the life sciences sector. Established by a group of scientists, physicians, entrepreneurs, and investors passionate about the biomedical industry, the company possesses leading industry expertise in the fields of cell therapy and gene therapy.

(Compiled by Xu Xiaoxue)