Actuate Therapeutics Completes $6.5M Series B3 Financing to Expand Clinical Trials for Myelofibrosis Therapy

VCBeat (WeChat ID: vcbeat) learned from foreign media that on November 12 local time, biopharmaceutical company Actuate Therapeutics announced the completion of a $6.5 million Series B3 financing round. The round was led by Bios Partners, with participation from Kairos Ventures, DEFTA Partners, and other existing investors. Following this round, Actuate Therapeutics’ total Series B fundraising has exceeded $28.2 million.

It is reported that Actuate will use the proceeds from this financing round to initiate a Phase II clinical trial for the treatment of myelofibrosis and expand the scope of its ongoing 1801 clinical trial by adding a single-arm combination therapy regimen of compound 9-ING-41 and irinotecan.

“Myelofibrosis presents substantial therapeutic challenges, necessitating the development of novel approaches to combat this myeloproliferative neoplasm. Recent trial findings have confirmed the potential clinical benefits of 9-ING-41 in its antifibrotic effects,” said Dr. Frank Giles, Chief Medical Officer at Actuate Therapeutics. “The lead compound, 9-ING-41, has demonstrated significant activity in reversing pathological fibrosis and exerting antitumor effects, with no major adverse events reported in clinical trials to date. Furthermore, the absence of myelosuppressive side effects associated with 9-ING-41 is particularly important for patients with advanced-stage myelofibrosis.”

Dr. Ludimila Cavalcante, Chief Medical Officer at Actuate Therapeutics, stated, “The addition of irinotecan to the compound 9-ING-41 as a combination therapy will significantly expand the range of options available to patients participating in clinical trials, particularly for those with advanced colorectal cancer. Data from adult patients receiving this combination therapy will also inform our future optimization of drug regimens for pediatric and adolescent patients with neuroblastoma.”

It is understood that the 1801 clinical trial was designed as a histology-agnostic study, seamlessly expanding from monotherapy investigations to combination chemotherapy studies involving six different regimens based on the compound 9-ING-41. Researchers prioritized the initial combination therapies based on evidence of cytotoxic drug-mediated reversal of resistance observed in various preclinical models. Since its initiation in January this year, the trial has proven to be effective and efficient, with more than 70 patients enrolled.

Daniel Schmitt, President and Chief Executive Officer of Actuate, stated, “We are very pleased with the clinical progress achieved in the 1801 trial and the emerging promise in the treatment of myelofibrosis and neuroblastoma. We expect to initiate this study in early 2020.” He added, “We are also grateful for the continued support from our investors, which enables us to advance this important and promising work.”

Actuate Therapeutics, Inc. is a biopharmaceutical company founded in 2015 and headquartered in Texas, USA, dedicated to the development and commercialization of compounds for the treatment of cancer and inflammatory diseases.

Bios Partners is a venture capital firm dedicated to investing in early-stage biopharmaceutical and medical device companies. Founded in 2014 and headquartered in Fort Worth, Texas, the firm actively collaborates with its portfolio companies by leveraging a team with extensive industry experience to enhance stakeholder value.

Kairos Ventures is a venture capital firm based in Los Angeles, California, that works closely with world-leading universities and research institutions to identify and support the commercialization of transformative technologies. In addition to providing funding, Kairos supports companies with specialized business and scientific expertise to maximize their potential as they progress from the seed stage through incubation and growth stages.

DEFTA Partners is a global venture capital firm founded in 1985, with headquarters in San Francisco and Tokyo. It invests in high-potential startups with the capacity to transform the healthcare industry. Over the past 30 years, DEFTA has supported the growth of more than 100 startups across the United States, Japan, Israel, and the United Kingdom.

(Compiled by Hu Lushuang)