Bayer Leads $22 Million Series A Financing in Pyxis Oncology to Advance Novel Cancer Immunotherapies

On July 19, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Pyxis Oncology (“Pyxis”), an anti-cancer drug development company, announced the completion of a $22 million Series A financing round. The round was led by Bayer, with participation from Agent Capital, Ipsen, and Longwood Fund. In addition, the company announced that Dr. Vemuri from Agent Capital would join its board of directors, and David Steinberg, a partner at Longwood Fund, would serve as its Chief Executive Officer.

Pyxis plans to use the funds from this financing round to develop antibody-based cancer immunotherapies.

Pyxis, based in Boston, Massachusetts, is a newly established anticancer drug development company. The company is dedicated to researching cancer immunotherapies to provide new treatment options for patients. Pyxis was founded by Thomas Gajewski, M.D., from the Ben May Center for Cancer Research at the University of Chicago, and has received support from the Polsky Center for Entrepreneurship and Innovation at the University of Chicago. The company has established a world-class Scientific Advisory Board (SAB) composed of leading authorities in the fields of immunology and cancer research.

Dr. Gajewski primarily investigates the role of T cells in anti-cancer immunity. The therapeutic strategies he has proposed restore the normal activity of dysfunctional T cells through multiple mechanisms, thereby converting “cold tumors” into “hot tumors” that are sensitive to immune checkpoint inhibitors, ultimately achieving effective cancer treatment. These studies have provided new insights into the tumor microenvironment.

Based on Dr. Gajewski’s research, Pyxis has identified immune-modulatory targets directly associated with the tumor microenvironment and developed a series of antibody-based drugs for cancer immunotherapy to enhance the body’s immune response against cancer. This class of innovative therapies offers new hope for patients with cancers that are refractory to existing treatments. Furthermore, Pyxis combines its novel cancer immunotherapies with other oncology treatments to improve therapeutic outcomes.

Bayer considers oncology treatment to be one of the most significant medical challenges of our time. The ultimate goal of the company’s investments is to prevent or cure cancer. Dr. Juergen Eckhardt, a Bayer executive, stated, “Cancer immunotherapy is a powerful therapeutic approach, and we believe Pyxis has sufficient potential to discover new targets for developing novel drugs that break through the current limitations of oncology treatments.”

Bayer, founded in 1863 and headquartered in Leverkusen, Germany, is a biotechnology and pharmaceutical company. The company operates across multiple sectors, including pharmaceuticals, healthcare, agriculture, and animal health. Bayer’s pharmaceutical division primarily produces prescription drugs in the fields of cardiology, women’s health, oncology, hematology, and ophthalmology. Additionally, Bayer has established a strategic research alliance with Kyoto University in Japan, dedicated to investigating drug targets for the treatment of pulmonary diseases such as idiopathic pulmonary fibrosis.

Agent Capital, headquartered in Waltham, UK, is a leading healthcare venture capital firm. The company primarily provides funding and strategic guidance to innovative healthcare enterprises to support their drug development and commercialization efforts. Agent Capital has made equity investments in multiple biotechnology and biopharmaceutical companies, including Orchard Therapeutics, Entrada Therapeutics, and Aptinyx.

Ipsen, founded in 1929 and headquartered in Paris, France, is a global biopharmaceutical group. The company markets approximately 20 medicines spanning multiple therapeutic areas, including oncology, endocrinology, neuromuscular disorders, gastroenterology, cardiovascular diseases, and cognitive impairments. Ipsen is committed to developing innovative therapies in oncology, neuroscience, frailty-related conditions, and rare diseases, aiming to provide patients with optimal treatment solutions. Additionally, the company operates a consumer healthcare business, supporting environmental sustainability and the development of community healthcare services.

Headquartered in Boston, USA, Longwood Fund is a leading life sciences venture capital firm. The company primarily focuses on the biotechnology sector and has invested in biotech and pharmaceutical companies such as Twentyeight-Seven Therapeutics, Millendo Therapeutics, and ArcherDX.

(Compiled by Xu Xiaoxue)